{"id":75591,"date":"2022-12-21T05:00:24","date_gmt":"2022-12-21T13:00:24","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=75591"},"modified":"2022-12-20T10:29:24","modified_gmt":"2022-12-20T18:29:24","slug":"all-cash-home-purchases-fha-loans-october-2022","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/all-cash-home-purchases-fha-loans-october-2022\/","title":{"rendered":"Share of Homes Bought With All Cash Hits Highest Level Since 2014"},"content":{"rendered":"

High mortgage rates are motivating affluent buyers to avoid loans and pay in cash. FHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments.<\/span><\/i><\/p>\n

Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, up from 29.9% a year earlier and the highest share since 2014.<\/span><\/p>\n

\"\"<\/p>\n

The data in this report is from a Redfin analysis of county records across 39 of the most populous U.S. metropolitan areas, going back through 2011. October 2022 is the most recent month for which data is available. An all-cash purchase is one in which there is no mortgage loan information on the deed.\u00a0<\/span><\/p>\n

The share of home purchases using all cash shot up in the beginning of 2021 after reaching a record low of 20.1% in April 2020 and has remained elevated. But the factors encouraging buyers to pay in cash are different in the current slow housing market than they were during the pandemic homebuying frenzy.\u00a0<\/span><\/p>\n

\u201cToday\u2019s affluent homebuyers are motivated to pay in cash because the surge in mortgage rates makes them want to avoid loans\u2013and the high monthly interest payments that come with them\u2013altogether. Mortgage rates have declined in recent weeks but are still hovering above 6%,\u201d said Redfin Economics Research Lead Chen Zhao. \u201cDuring the pandemic housing boom, buyers were incentivized to pay in cash because of <\/span>low <\/span><\/i>rates, which drove up competition and made all-cash offers an effective bargaining chip for those who could afford them.\u201d\u00a0<\/span><\/p>\n

All-cash purchases most prevalent in Florida; least prevalent in the Bay Area<\/h3>\n

All-cash home purchases increased in 29 of the 39 metros in this analysis from October 2021 to October 2022. They increased most in <\/span>Riverside, CA<\/span><\/a>, where they rose to 38% of all home sales from 19.2%. It\u2019s followed by <\/span>Cleveland<\/span><\/a> (47%, up from 32%), <\/span>Cincinnati<\/span><\/a> (43.9%, up from 29.6%), Montgomery County, PA (31.2%, up from 22.7%) and <\/span>Philadelphia<\/span><\/a> (37.1%, up from 29.4%). <\/span><\/p>\n

All-cash home purchases were most common in Florida in October. <\/span>Jacksonville<\/span><\/a>, where roughly half (49.7%) of homes were bought in cash in October, comes first, followed by <\/span>West Palm Beach<\/span><\/a> (48.6%). Next come a pair of Ohio metros: <\/span>Cleveland<\/span><\/a> (47%) and <\/span>Cincinnati<\/span><\/a> (43.9%). They\u2019re followed by <\/span>Atlanta<\/span><\/a>, at 41.3%.\u00a0<\/span><\/p>\n

Florida is home to a lot of affluent buyers with the ability to finance home purchases with all cash. Cleveland and Cincinnati are quite affordable, with median home prices well below the national average, making it more feasible for people to come up with cash.\u00a0<\/span><\/p>\n

Expensive West Coast metros dominate the list of places with the lowest share of all cash-purchases. They\u2019re least common in the Bay Area: Just 14.3% of home purchases in <\/span>San Jose<\/span><\/a> and 16.5% in <\/span>Oakland<\/span><\/a> were made in cash. Next come <\/span>Seattle<\/span><\/a> (19%), <\/span>Los Angeles <\/span><\/a>(19.2%) and <\/span>Newark, NJ<\/span><\/a> (20%).\u00a0<\/span><\/p>\n

With the typical home selling for well over $1 million in San Jose and the high six figures in Oakland, Seattle, Los Angeles and Seattle, it\u2019s challenging to use cash to fund a home purchase. That\u2019s especially true recently, as the cash for home purchases in West Coast cities often comes from tech stocks, which have lost value in 2022.\u00a0<\/span><\/p>\n

FHA loans bounce back, hitting highest share in nearly two years<\/h3>\n

Roughly one in seven (14.6%) mortgaged home sales used an FHA loan, the highest share in nearly two years. That\u2019s up from 13.1% a year earlier and a record low of 10.4% in April.\u00a0<\/span><\/p>\n

Overall, conventional loans are the most common type for homebuyers, making up 78.5% of all home sales that used a mortgage in October. That\u2019s down from 80.5% a year earlier but largely in line with where the share has stood since mid-2020. <\/span><\/p>\n

\"\"<\/p>\n

FHA loans, which typically allow for lower down payments, have ticked up in popularity in response to the slowdown in\u00a0 housing-market competition. They were less common at the height of the pandemic buying boom, when sellers were receiving multiple offers and would often choose the one with strongest financing.\u00a0<\/span><\/p>\n

\u201cI\u2019m working with several first-time FHA buyers,\u201d said Cleveland Redfin agent Jerry Quade<\/a>. \u201cThey\u2019re back in the market after bowing out for the last two years, hoping to secure a relatively low-priced home with no competing offers and a high likelihood that the seller will accept their loan type.\u201d<\/p>\n

Although it\u2019s easier for buyers to use FHA loans as the market cools, affluent all-cash buyers are still in a more financially advantageous situation because they don\u2019t need to take out a loan with 6%-plus mortgage interest rates.\u00a0<\/span><\/p>\n

The share of mortgaged sales using VA loans, which also have lower qualification thresholds for borrowers, rose to 6.9% in October, the highest share in over two years. That\u2019s up slightly from 6.4% a year earlier and up from the record low of 5.5% set in mid-2021.\u00a0<\/span><\/p>\n

FHA and VA loans are both insured by the U.S. government. <\/span>FHA loans<\/span><\/a>, meant for low- to moderate-income borrowers and popular with first-time homebuyers, have lower down-payment and credit-score requirements than conventional loans. <\/span>VA loans<\/span><\/a> are available to veterans, service members and their surviving spouses and require little to no down payment. Conventional loans are not insured by the government.\u00a0\u00a0<\/span><\/p>\n

FHA loans increased most in Riverside, CA, Las Vegas and Phoenix<\/h3>\n

FHA loan usage increased in 26 of the 39 metros in this analysis from October 2021 to October 2022. They increased most in <\/span>Riverside, CA<\/span><\/a>, where they rose to 26.4% of all mortgaged home sales from 19% a year earlier. The places with the next-biggest increases are all pandemic boomtowns: <\/span>Las Vegas<\/span><\/a> (21.4%, up from 15.1%), <\/span>Phoenix<\/span><\/a> (16.3%, up from 10.1%), <\/span>Sacramento<\/span><\/a> (16.5%, up from 11.5%) and <\/span>Nashville<\/span><\/a> (13.6%, up from 9.7%).\u00a0<\/span><\/p>\n

FHA loans were most commonly used in Riverside in October, followed by <\/span>Providence, RI<\/span><\/a> (25.2%). <\/span>Philadelphia<\/span><\/a> (22.7%), Cleveland (22.2%) and Las Vegas round out the top five.\u00a0<\/span><\/p>\n

They\u2019re least common in the Bay Area and other expensive West Coast areas. Less than 1% of mortgaged home sales in San Francisco used an FHA loan in October. Next come San Jose (1.7%), <\/span>Anaheim, CA<\/span><\/a> (2.9%), Seattle (4.1%) and Oakland (6.2%).\u00a0<\/span><\/p>\n

VA loans most common in Virginia Beach and Jacksonville<\/h3>\n

More than 4 in 10 (41.6%) mortgaged sales in <\/span>Virginia Beach<\/span><\/a> used a VA loan, by far the biggest share among the metros in this analysis. Next come Jacksonville, FL (17.4%), <\/span>San Diego<\/span><\/a> (15%), <\/span>Washington, D.C.<\/span><\/a> (12.8%) and Las Vegas (12.4%). Virginia Beach is home to the largest military presence in the U.S., and the other four metros are all home to major military bases.\u00a0<\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Metro-Level Summary: Home Sales By Loan Type, October 2022*<\/b><\/p>\n

Share of home sales using all cash<\/span><\/i><\/p>\n

Share of mortgaged home sales using each common loan type\u00a0<\/span><\/i><\/p>\n

*Unless otherwise noted\u00a0<\/span><\/i><\/td>\n<\/tr>\n

U.S. metro area<\/b><\/td>\nShare of home purchases using all cash (Oct. 2022)<\/b><\/td>\nShare of home purchases using all cash (Oct. 2021)<\/b><\/td>\nShare of mortgaged home sales using FHA loan (Oct. 2022)<\/b><\/td>\nShare of mortgaged home sales using FHA loan (Oct. 2021)<\/b><\/td>\nShare of mortgaged home sales using VA loan (Oct. 2022)<\/b><\/td>\nShare of mortgaged home sales using conventional loan (Oct. 2022)<\/b><\/td>\n<\/tr>\n
Anaheim, CA<\/span><\/td>\n24.1%<\/span><\/td>\n23.7%<\/span><\/td>\n2.9%<\/span><\/td>\n1.9%<\/span><\/td>\n2.3%<\/span><\/td>\n94.7%<\/span><\/td>\n<\/tr>\n
Atlanta, GA<\/span><\/td>\n41.3%<\/span><\/td>\n50.7%<\/span><\/td>\n18.1%<\/span><\/td>\n14.6%<\/span><\/td>\n8.3%<\/span><\/td>\n73.6%<\/span><\/td>\n<\/tr>\n
Charlotte, NC<\/span><\/td>\n37.7%<\/span><\/td>\n43.6%<\/span><\/td>\n12.2%<\/span><\/td>\n10.7%<\/span><\/td>\n6.6%<\/span><\/td>\n81.2%<\/span><\/td>\n<\/tr>\n
Chicago, IL<\/span><\/td>\n26.4%<\/span><\/td>\n20.8%<\/span><\/td>\n18.2%<\/span><\/td>\n19.3%<\/span><\/td>\n3.3%<\/span><\/td>\n78.6%<\/span><\/td>\n<\/tr>\n
Cincinnati, OH<\/span><\/td>\n43.9%<\/span><\/td>\n29.6%<\/span><\/td>\n19.2%<\/span><\/td>\n18.8%<\/span><\/td>\n6.4%<\/span><\/td>\n74.3%<\/span><\/td>\n<\/tr>\n
Cleveland, OH<\/span><\/td>\n47.0%<\/span><\/td>\n32.0%<\/span><\/td>\n22.2%<\/span><\/td>\n25.2%<\/span><\/td>\n4.9%<\/span><\/td>\n72.9%<\/span><\/td>\n<\/tr>\n
Columbus, OH<\/span><\/td>\n32.1%<\/span><\/td>\n29.5%<\/span><\/td>\n12.3%<\/span><\/td>\n13.9%<\/span><\/td>\n7.0%<\/span><\/td>\n80.6%<\/span><\/td>\n<\/tr>\n
Denver, CO<\/span><\/td>\n30.4%<\/span><\/td>\n24.4%<\/span><\/td>\n12.6%<\/span><\/td>\n9.0%<\/span><\/td>\n6.5%<\/span><\/td>\n80.9%<\/span><\/td>\n<\/tr>\n
Detroit, MI<\/span><\/td>\n34.8%<\/span><\/td>\n33.7%<\/span><\/td>\n20.8%<\/span><\/td>\n24.5%<\/span><\/td>\n5.1%<\/span><\/td>\n74.1%<\/span><\/td>\n<\/tr>\n
Fort Lauderdale, FL<\/span><\/td>\n40.4%<\/span><\/td>\n39.8%<\/span><\/td>\n15.2%<\/span><\/td>\n14.6%<\/span><\/td>\n3.8%<\/span><\/td>\n81.0%<\/span><\/td>\n<\/tr>\n
Jacksonville, FL<\/span><\/td>\n49.7%<\/span><\/td>\n44.3%<\/span><\/td>\n14.5%<\/span><\/td>\n12.5%<\/span><\/td>\n17.4%<\/span><\/td>\n68.0%<\/span><\/td>\n<\/tr>\n
Las Vegas, NV<\/span><\/td>\n32.3%<\/span><\/td>\n36.6%<\/span><\/td>\n21.4%<\/span><\/td>\n15.1%<\/span><\/td>\n12.4%<\/span><\/td>\n66.1%<\/span><\/td>\n<\/tr>\n
Los Angeles, CA<\/span><\/td>\n19.2%<\/span><\/td>\n17.1%<\/span><\/td>\n13.0%<\/span><\/td>\n10.5%<\/span><\/td>\n3.2%<\/span><\/td>\n83.8%<\/span><\/td>\n<\/tr>\n
Miami, FL<\/span><\/td>\n41.1%<\/span><\/td>\n40.7%<\/span><\/td>\n13.0%<\/span><\/td>\n14.2%<\/span><\/td>\n2.9%<\/span><\/td>\n84.2%<\/span><\/td>\n<\/tr>\n
Milwaukee, WI<\/span><\/td>\n33.5%<\/span><\/td>\n32.6%<\/span><\/td>\n12.7%<\/span><\/td>\n13.0%<\/span><\/td>\n4.0%<\/span><\/td>\n83.3%<\/span><\/td>\n<\/tr>\n
Minneapolis, MN<\/span><\/td>\n26.8%<\/span><\/td>\n24.5%<\/span><\/td>\n10.3%<\/span><\/td>\n9.6%<\/span><\/td>\n4.1%<\/span><\/td>\n85.5%<\/span><\/td>\n<\/tr>\n
Montgomery County, PA<\/span><\/td>\n31.2%<\/span><\/td>\n22.7%<\/span><\/td>\n10.9%<\/span><\/td>\n9.0%<\/span><\/td>\n3.7%<\/span><\/td>\n85.4%<\/span><\/td>\n<\/tr>\n
Nashville, TN<\/span><\/td>\n35.5%<\/span><\/td>\n36.7%<\/span><\/td>\n13.6%<\/span><\/td>\n9.7%<\/span><\/td>\n5.7%<\/span><\/td>\n80.7%<\/span><\/td>\n<\/tr>\n
New Brunswick, NJ<\/span><\/td>\n31.9%<\/span><\/td>\n31.6%<\/span><\/td>\n13.3%<\/span><\/td>\n12.7%<\/span><\/td>\n2.5%<\/span><\/td>\n84.2%<\/span><\/td>\n<\/tr>\n
New York, NY<\/span><\/td>\n31.0%<\/span><\/td>\n25.0%<\/span><\/td>\n12.2%<\/span><\/td>\n11.3%<\/span><\/td>\n1.1%<\/span><\/td>\n86.7%<\/span><\/td>\n<\/tr>\n
Newark, NJ<\/span><\/td>\n20.0%<\/span><\/td>\n30.1%<\/span><\/td>\n18.0%<\/span><\/td>\n19.4%<\/span><\/td>\n2.7%<\/span><\/td>\n79.3%<\/span><\/td>\n<\/tr>\n
Oakland, CA<\/span><\/td>\n16.5%<\/span><\/td>\n14.0%<\/span><\/td>\n6.2%<\/span><\/td>\n5.9%<\/span><\/td>\n1.6%<\/span><\/td>\n92.2%<\/span><\/td>\n<\/tr>\n
Orlando, FL<\/span><\/td>\n38.3%<\/span><\/td>\n39.2%<\/span><\/td>\n15.8%<\/span><\/td>\n13.0%<\/span><\/td>\n6.9%<\/span><\/td>\n77.3%<\/span><\/td>\n<\/tr>\n
Philadelphia, PA<\/span><\/td>\n37.1%<\/span><\/td>\n29.4%<\/span><\/td>\n22.7%<\/span><\/td>\n19.7%<\/span><\/td>\n3.6%<\/span><\/td>\n73.8%<\/span><\/td>\n<\/tr>\n
Phoenix, AZ<\/span><\/td>\n29.3%<\/span><\/td>\n37.4%<\/span><\/td>\n16.3%<\/span><\/td>\n10.1%<\/span><\/td>\n9.2%<\/span><\/td>\n74.5%<\/span><\/td>\n<\/tr>\n
Pittsburgh, PA<\/span><\/td>\n29.3%<\/span><\/td>\n22.6%<\/span><\/td>\n14.7%<\/span><\/td>\n14.8%<\/span><\/td>\n5.2%<\/span><\/td>\n80.1%<\/span><\/td>\n<\/tr>\n
Portland, OR<\/span><\/td>\n26.5%<\/span><\/td>\n22.2%<\/span><\/td>\n10.2%<\/span><\/td>\n8.4%<\/span><\/td>\n4.3%<\/span><\/td>\n85.5%<\/span><\/td>\n<\/tr>\n
Providence, RI<\/span><\/td>\n24.8%<\/span><\/td>\n23.1%<\/span><\/td>\n25.2%<\/span><\/td>\n23.7%<\/span><\/td>\n5.9%<\/span><\/td>\n68.9%<\/span><\/td>\n<\/tr>\n
Riverside, CA<\/span><\/td>\n38.0%<\/span><\/td>\n19.2%<\/span><\/td>\n26.4%<\/span><\/td>\n19.0%<\/span><\/td>\n8.2%<\/span><\/td>\n65.3%<\/span><\/td>\n<\/tr>\n
Sacramento, CA<\/span><\/td>\n21.1%<\/span><\/td>\n22.7%<\/span><\/td>\n16.5%<\/span><\/td>\n11.5%<\/span><\/td>\n6.0%<\/span><\/td>\n77.5%<\/span><\/td>\n<\/tr>\n
San Diego, CA<\/span><\/td>\n20.1%<\/span><\/td>\n19.8%<\/span><\/td>\n8.8%<\/span><\/td>\n6.2%<\/span><\/td>\n15.0%<\/span><\/td>\n76.2%<\/span><\/td>\n<\/tr>\n
San Francisco, CA<\/span><\/td>\n20.4%<\/span><\/td>\n19.2%<\/span><\/td>\n0.8%<\/span><\/td>\n0.1%<\/span><\/td>\n0.2%<\/span><\/td>\n99.1%<\/span><\/td>\n<\/tr>\n
San Jose, CA<\/span><\/td>\n14.3%<\/span><\/td>\n11.4%<\/span><\/td>\n1.7%<\/span><\/td>\n1.5%<\/span><\/td>\n1.8%<\/span><\/td>\n96.5%<\/span><\/td>\n<\/tr>\n
Seattle, WA<\/span><\/td>\n19.0%<\/span><\/td>\n16.2%<\/span><\/td>\n4.1%<\/span><\/td>\n4.4%<\/span><\/td>\n3.2%<\/span><\/td>\n92.7%<\/span><\/td>\n<\/tr>\n
Tampa, FL<\/span><\/td>\n37.1%<\/span><\/td>\n42.9%<\/span><\/td>\n16.6%<\/span><\/td>\n12.9%<\/span><\/td>\n10.8%<\/span><\/td>\n72.6%<\/span><\/td>\n<\/tr>\n
Virginia Beach, VA<\/span><\/td>\n22.6%<\/span><\/td>\n18.7%<\/span><\/td>\n13.9%<\/span><\/td>\n17.7%<\/span><\/td>\n41.6%<\/span><\/td>\n44.4%<\/span><\/td>\n<\/tr>\n
Warren, MI<\/span><\/td>\n30.9%<\/span><\/td>\n29.7%<\/span><\/td>\n15.0%<\/span><\/td>\n15.3%<\/span><\/td>\n5.0%<\/span><\/td>\n80.0%<\/span><\/td>\n<\/tr>\n
Washington, DC<\/span><\/td>\n23.1%<\/span><\/td>\n19.3%<\/span><\/td>\n13.4%<\/span><\/td>\n14.8%<\/span><\/td>\n12.8%<\/span><\/td>\n73.8%<\/span><\/td>\n<\/tr>\n
West Palm Beach, FL<\/span><\/td>\n48.6%<\/span><\/td>\n51.7%<\/span><\/td>\n12.0%<\/span><\/td>\n13.3%<\/span><\/td>\n4.4%<\/span><\/td>\n83.7%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

High mortgage rates are motivating affluent buyers to avoid loans and pay in cash. FHA loans are also making a comeback as a slowdown in homebuyer competition makes winning a home easier for bidders with lower down payments. Roughly one-third (31.9%) of U.S. home purchases were paid for with all cash in October, up from […]<\/p>\n","protected":false},"author":13153,"featured_media":75596,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[36,20],"dashboard":[],"coauthors":[124],"class_list":["post-75591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-economics","tag-housing-affordability"],"acf":[],"yoast_head":"\nShare of Homes Bought With All Cash Hits Highest Level Since 2014<\/title>\n<meta name=\"description\" content=\"High mortgage rates are motivating affluent buyers to avoid loans and pay in cash. 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