MIAMI (CBSMiami/AP) – When it comes to buying a house or condo in Florida, cash is king.

Almost two-thirds of Florida housing sales in the first quarter of this year were done in cash, according to the study by the research firm RealtyTrac.

READ MORE: Florida School District Defies Gov. Ron DeSantis' Ban On Masks

That is the highest rate in the nation and well above the national average of 42.7 percent.

Five Florida metro areas also had the nation’s highest rates of cash sales. Those areas were Miami, Cape Coral-Fort Myers, Sarasota, Palm Bay and Lakeland.

READ MORE: State Senator Gary Farmer Says Governor’s Executive Order Preventing School Mask Mandates Is Unconstitutional

Daren Blomquist of RealtyTrac says the high rates of cash sales show that investors are still finding Florida popular.

Although the percentage of institutional investors has declined from the end of 2013, mom-and-pop investors and foreign investors are still finding Florida attractive.

RELATED CONTENT:

MORE NEWS: President Biden Criticizes Florida Gov. Ron DeSantis

[display-posts category=”news” wrapper=”ul” posts_per_page=”5″]