Purchasing a home with cash is on the slide nationally compared to the peak years of 2011 and 2012 but there are still pockets around the country where all-cash transactions are growing at a rapid pace. According to ATTOM Data Solutions’ Year-End 2018 Home Sales Report, released last week, over a quarter of home sales last year were completed without a mortgage.
Nationwide, cash sales for 2018 accounted for 27.8 percent of single-family home and condo purchases, unchanged from 2017 but still well above the pre-recession average of 18.7 percent.
San Diego is one of just 20 metropolitan areas where cash sales rose by double digits over the past year with a 10 percent gain.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 4.375 percent, 15-year rates are near 3.75 percent and the 5-year ARM is averaging 4.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.