The share of homebuyers who paid cash for their home reached a 10-year high recently, according to the National Association of Realtors®, with cash buyers accounting for 32% of all home purchases in January. Real estate investors and vacation-home buyers made up the majority of cash buyers during the past 6 months; among those consumers who paid cash for a home purchase last year, 26% were repeat buyers, while just 6% were first-time buyers.
In the Twin Cities region, for the week ending April 6:
• New Listings increased 32.2% to 1,383
• Pending Sales decreased 0.7% to 892
• Inventory increased 13.4% to 7,048
For the month of February:
• Median Sales Price increased 4.6% to $358,000
• Days on Market decreased 3.3% to 59
• Percent of Original List Price Received increased 0.3% to 97.5%
• Months Supply of Homes For Sale increased 28.6% to 1.8