Cash Sales: Twenty-Nine Percent of Residential Sales | North Salem Real Estate

The percentage of cash sales was 29 percent in June, compared to 28 percent in May, according to the latest REALTORS® Confidence Index.  The proportion of cash sales is substantially higher than the rate prior to the downturn of the housing market in 2008. The high preponderance of all-cash sales appears to be primarily due to stricter mortgage and underwriting standards as well as purchases by investors and second home buyers, who typically pay cash, have edged out buyers needing to secure a mortgage from a lender.