Cash Home Purchases Surge to Near-Record Highs as Rising Rates Put Pressure on Affordability
- More than one-third of homes purchased in February 2023 were with cash
- Cash purchases nearing 2013 record high of 38%
- Mortgage rates remain elevated compared to pandemic lows
- Median down payment jumped 24.1% year-over-year to $55,640 in February
- High rates and prices making homeownership unaffordable for many, widening wealth gap
