Drop in cash deals reflects a shortage of foreign buyers
Cash sales still make up about one-in-two local home sales
As a strong dollar and struggling economies in Latin America and Europe hurt the budgets of foreign home buyers, the number of cash home sales in South Florida is dropping.
About 52 percent of home sales in Miami-Dade County were cash deals in August, according to a report released Thursday by property analytics firm CoreLogic. That’s down 9 percent since August 2014. Miami-Dade still has the highest percentage of cash buyers in the nation. Cash deals are a good proxy for foreign buyers.
In Broward County, cash deals made up about 48 percent of home sales in August, CoreLogic found, down 12 percent year over year.
Nationwide cash buyers accounted for about 32 percent of home sales in August. South Florida remains one of the most popular U.S. destinations for foreigners, with Venezuela, Argentina, Brazil, Colombia, Canada, France and Mexico providing the most buyers.