When it comes to buying a house, cash is still king, but in the Twin Cities and beyond cash sales are becoming less common. Nationwide cash deals made up 36.1 percent of total home sales during November, down from 38.8 percent the year before, according to CoreLogic.
With fewer investors in the market, the year-over-year share has fallen each month since January 2013, making November the 23rd consecutive month of declines. Cash deals peaked in January 2011 when they accounted for more than 46 percent of all home sales - that's ccompared with a pre-crash average of about 25 percent.
In Minnesota, cash deals represented about one in every five deals, down from a quarter of all sales last year. Michigan, which is still flush with investors (and where getting a mortgage can be difficult), had the largest share of cash deals - 54.4 percent.