Cash Sales Surge but Home Sales Drop: Housing Market Update

Selling Real Estate
Cash home buyers are on a spending spree! In today’s housing market update, I discuss the recent increase of cash buyers in the US. Also, I report that pending home sales continue to drop yet new listings are increasing. Lastly, I discuss the latest news for mortgage loan delinquency rates and mortgage interest rates.

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According to Redfin, the share of homes purchased for cash this year increased to 30%. This is the largest share since 2014. One year ago the share was 25.3% And for comparison the largest share of cash sales over the last 20 yrs was in 2012 and 2013 when 34% of all sales were from cash buyers.

The National Association of Realtors (NAR) posted that “contracts signed during the four weeks ended July 11 (pending sales) decreased 7% from one year ago.” Meanwhile, the “active listings that came into the market in the past four weeks rose 4.3% from one year ago.”

Meanwhile, Corelogic reported that “the serious [mortgage] delinquency rate — defined as 90 days or more past due, including loans in foreclosure — was 3.3% in April, roughly three times that of a year earlier.” However, it’s down from a pandemic high from August 2020.

To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage decreased to 3.04% for the current mortgage rates. This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.

Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?

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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.

This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you. Thank you for your support! Jason Walter is a licensed Realtor with Realty One Group in California under DRE 01923240.

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