ORLANDO (CBSmiami/AP) — It’s been said that ‘cash is king’ when making purchases and nowhere in the country is that more true than South Florida when it comes to buying a home.
A report released Tuesday by the RealtyTrac research firm says South Florida was at the top of the list. Just under two-thirds of all home sales there were done in cash in the second quarter of this year.
READ MORE: Florida’s Monoclonal Antibody Sites Closed Until Further NoticeSouth Florida was followed by the Fort Myers, Sarasota, Tampa, Lakeland and Orlando areas.
Nationwide, all-cash sales made up just under 38 percent of all home sales. That’s down from 42 percent in the previous quarter.
READ MORE: Miami-Dade School Board Selects Dr. Jose L. Dotres As Next SuperintendentRealtyTrac says institutional investors accounted for just 5 percent of all homes nationwide in the second quarter of the year. That’s down from just under 6 percent a year ago.
Institutional investors are defined as investors who buy at least 10 properties in a calendar year.
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