Cash buyers accounted for 31.4% of U.S. home sales during the first four months of 2026, down from 32.3% a year earlier, as improving inventory and slower price growth gave mortgage-financed buyers more room to compete, according to a new Realtor.com analysis.
The number of cash transactions declined 11.2% from a year earlier, exceeding the 8.5% drop in total home sales. The figures suggest cash buyers are retreating more quickly than the broader market after gaining influence during the pandemic-era housing boom.
Home-price growth has also slowed. The national median sale price increased 0.2% from a year earlier, compared with 1.8% growth in 2025 and a 15.4% peak in 2021, according to the report.
“Cash buyers aren’t disappearing; they’re simply becoming less dominant as the housing market finds its footing,” Hannah Jones, senior economist at Realtor.com, stated. “More inventory and moderating prices are giving financed buyers more opportunities to compete.”
The national decline masks substantial differences across markets. Pittsburgh recorded the largest increase in the cash share among major metropolitan areas, rising 6.8 percentage points from a year earlier.
Pittsburgh, Austin, Texas, and San Francisco also recorded increases in the actual number of cash transactions rather than merely seeing cash purchases gain share as overall sales declined. San Francisco cash purchases rose 7.7%, according to the analysis.
Cash remained particularly prevalent in several lower-cost and retiree-heavy markets. Mississippi had the highest statewide share at 47.2%, followed by Montana at 45.9%, New Mexico at 43.8%, Missouri at 42% and Florida at 41.3%.
Among major metropolitan areas, Miami led at 43.2%, followed by Kansas City, Missouri, at 38.9%, Houston at 38.8%, San Antonio at 38.7% and St. Louis at 37.5%.
Cash purchases were much less common in several high-cost employment centers. Seattle recorded a 16.4% share, Washington, D.C., 18.2%, Denver 18.8% and San Jose, California, 20.2%.
The data also show cash remains disproportionately important at both extremes of the housing market. More than two-thirds of homes selling for less than $100,000 were purchased without financing during the first four months of the year.
More than 40% of transactions above $1 million were all-cash, while cash buyers accounted for a majority of purchases of $2 million or more. Realtor.com attributed the pattern at the lower end partly to investor activity, financing limitations and credit barriers, while affluent households have greater capacity to buy without mortgages at the luxury end.
Cash offers may also retain an advantage even as bidding competition eases. Jones said their appeal has shifted toward providing sellers greater certainty that transactions can close quickly and with fewer financing-related complications.
Homes typically took 60 to 85 days to move from a new listing to closing in 2025, according to Realtor.com. Opendoor, which purchases homes for cash, reports an average closing time of about 29 days for sellers accepting its offers, with eligible transactions able to close in as little as 21 days.
Realtor.com based its analysis on deed records dating to 2001. Transactions were classified as all-cash when records showed no mortgage lien at closing, with cash shares calculated against total sales nationally and at state and metropolitan levels.
The retreat from pandemic-era cash dominance could broaden competition for available homes if financed buyers continue returning to the market.
“Cash will remain an important part of housing, particularly at the high and low ends of the market, but a more diverse buyer pool is a positive sign for market activity,” Jones stated. “When more buyers can compete using different paths to purchase, the market has the potential to become healthier and more balanced.”
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