Data: National Association of Realtors; Chart: Axios Visuals
The proportion of homes being sold for cash — deals where the buyer isn't taking out a mortgage — hit a new high of 28% in March. That's the highest level we've seen since the post-crisis years, when a lot of home sales were foreclosures. (To buy a home out of foreclosure, you have to pay in cash.)
Why it matters: This is a sign that the housing market is still extremely tight, and that there's little hope high mortgage rates will bring down prices. After all, high borrowing costs do nothing to deter cash buyers.
