Miami held its place last month as the nation’s third most popular city for cash sales, according to a RealtyTrac report released on Thursday.
Despite a continued national decline of these deals, Miami has retained its third place for most of this year. Other Florida metropolitan areas also held first and second place rankings: first place went to Homosassa Springs and second place was Naples-Marco Island.
In December, nearly 60 percent of Miami’s residential sales were all-cash. That figure has dropped a few percentage points each month, and now stands at a flat 50 percent for the month of June, RealtyTrac reported.
This trend could be attributed to South Florida’s shrinking supply of distressed properties. In May, distressed sales accounted for 16.3 percent of all property transactions in the city. That’s a 5.8 decrease from the month before.
Nationally, distressed properties represented only 8 percent of the country’s home sales in June. That figure has decreased 11 percent year-over-year, and is a far cry from the nation’s peak of nearly 46 percent in 2011. — Sean Stewart-Muniz