Cash home sales in Miami-Dade County fell again as the foreign investors who fueled the recent real estate boom grapple with rising prices.
Cash deals made up 54.6 of all home purchases in Miami-Dade County in May, down about 10 percent from May 2014, according to a report from the property analytics firm CoreLogic.
Foreign investors usually buy homes with hard currency so a decline in cash sales likely means their numbers are dropping. That’s happening because plummeting currencies in Latin America and Europe, a strong U.S. dollar and skyrocketing local real estate prices have made it harder for foreigners to find good deals in Miami.
The top foreign buyers of South Florida real estate are Venezuelans, Argentinians and Brazilians, according to the Miami Association of Realtors.
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Nationwide cash sales accounted for 31.9 percent of total home sales in May.