"Rising Cash Payments: The Changing Landscape of Home Purchases"

In February, over one-third of home purchases were made with cash, nearing the record high set in 2013, as mortgage rates remain high despite a slight decrease from their peak in October. With home prices up 6.6 percent from the previous year, buyers are opting for larger down payments to reduce monthly mortgage payments, leading to a median down payment increase of 24.1 percent. However, this trend is widening the wealth gap, making it difficult for many, especially first-time buyers, to afford homeownership.