All-cash deals made up 38% of all home sales in the second quarter, according to RealtyTrac, down from 42% in the prior quarter.
One reason is that big institutional buyers, those buying at least 10 homes a year, are finding fewer deals.
“It was an option that my insurance agent tried to talk me into. But I’m from Minnesota, and I haven’t had to deal with anything like this before.” They accounted for 4.7% of all homes sold, down from a peak of 6% in 2013.
As the housing market recovered, these investors were buying up homes in deeply troubled markets, like Phoenix and Las Vegas. Those bulk buys helped to reverse the slide in home prices.