The typical down payment for homebuyers hit a record high of $67,500 in June, according to new data from Redfin (NASDAQ: RDFN). This is up 14.8% from $58,788 one year earlier and the 12th consecutive month the median down payment was up year-over-year.
The typical homebuyer’s down payment was 18.6% of the purchase price in June, the highest level in over a decade and up from 15% a year earlier. Nearly three in five (59.4%) homebuyers put down more than 10% of the purchase price in June, up from 56.6% a year earlier.
The percentage of all-cash home purchases rose to 30.7% in June, up slightly from 30.4% a year ago. Redfin Senior Economist Sheharyar Bokhari observed, “The percentage of all-cash sales generally follows the same trend as the rise and fall of mortgage rates. When rates are down, the percentage of all-cash sales is down too, and the opposite is true when rates go up. That means we may start to see all-cash purchases level off a little now that mortgage rates have started to come down from recent highs.”
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