Key facts
- Cash purchases represented 31.4% of U.S. home sales in the first four months of 2026.
- This share is down from 32.3% in the same period a year earlier.
- Total home sales decreased by 8.5% year-over-year, while cash transactions fell by 11.2%.
- National home price growth slowed to 0.2% year-over-year.
- Pittsburgh experienced the largest year-over-year increase in cash share among major metropolitan areas.
- Mississippi reported the highest cash share among states at 47.2%.
Cash buyers are experiencing a decline in their market share in the U.S. housing sector, moving away from the elevated levels seen during the pandemic. In the first four months of 2026, cash purchases represented 31.4% of home sales, a decrease from 32.3% a year prior. This decline is occurring at a faster rate than overall home sales, which dropped 8.5% year-over-year, while cash transactions fell 11.2%.
The cooling trend in cash buying coincides with a significant slowdown in national home price growth, which increased by only 0.2% year-over-year. This moderation, coupled with increasing inventory, is creating more competitive conditions for buyers relying on financing.
Despite the national trend, some metropolitan areas and states are bucking the pattern. Pittsburgh saw the largest increase in cash share among major metros, and Austin also experienced growth in cash purchases. Mississippi led states with the highest cash share at 47.2%, followed by Montana, New Mexico, Missouri, and Florida. Miami topped major metropolitan areas with a 43.2% cash share.
Conversely, high-cost employment centers like Seattle, Washington D.C., Denver, and San Jose recorded some of the lowest cash purchase shares. Cash transactions remain prevalent in both the lower-priced segment, with over two-thirds of homes under $100,000 bought with cash, and the luxury market, where over 40% of homes priced above $1 million and a majority of homes above $2 million were purchased without financing.