Mortgage rates have soared north of 7% in recent months, driven higher by the Federal Reserve’s war on inflation.
September saw the highest rate of all-cash transactions – 34.1% – since 2014, the real-estate brokerage found, in an analysis of 40 of the US’s most-populated cities.
That’s a sign that wealthier Americans are making up a greater share of homebuyers with sky-high mortgage rates pricing out the rest of the population, Redfin said.
«All-cash purchases are making up a bigger piece of the homebuying pie for two major reasons,» data journalist Dana Anderson wrote in the brokerage’s report.
