The share of American homes bought with all cash reached the highest level in 8 years as people wary of high mortgage rates and a looming recession turned to hard real-estate assets instead

Dec 26 2022 by Business Insider

 
The share of American homes bought in all cash is the highest since 2014. That's according to Redfin data from October, the most recent month available.

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Higher mortgage rates push people to pay all cash for homes to save on interest, Redfin said. Nearly half of homes sold in West Palm Beach, Florida, were bought with cash in October. Redfin chief economist Daryl Fairweather expects more buyers to keep paying all cash into 2023.

Homebuyers are turning to

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