Two numbers from August’s existing-home sales report describe two very different kinds of buyer. One is the price nearly everyone paid something close to: a median of $429,100 for a resold home. The other belongs to a smaller group that skipped financing altogether: 27% of August’s buyers paid entirely in cash, according to the National Association of Realtors, a share large enough to shape how competitive an all-cash offer looks against one that depends on a mortgage.
The Median Price Climbs To $429,100
The median price of an existing home sold in August was $429,100, up 1.6% from a year earlier, according to HousingWire’s recap of the National Association of Realtors’ monthly report. That increase came even as the same report showed overall sales activity slowing and the supply of homes for sale climbing to its highest level in more than a decade, meaning prices kept rising on a national basis despite a market that was, by other measures in the same release, cooling.
What the price alone won’t show: The typical existing-home sale price and a 27% cash-buyer share describe how a home changes hands, not what it costs to keep afterward. Look at the property-tax freezes and the circuit-breaker credit inside The Senior Property Tax & Home-Cost Relief Kit.
More Than One In Four Buyers Paid Cash
All-cash purchases made up 27% of August’s existing-home sales, per NAR’s data as reported by HousingWire. That figure has taken on more weight this year as mortgage rates climbed: a cash buyer skips the underwriting timeline, the appraisal contingency and the rate a lender would charge, which matters more to a seller when financed offers are competing against loans priced well above 7%.
Put another way, better than one in four closings in August involved no mortgage lender at all. That share has stayed elevated even as home prices climbed to $429,100, meaning a meaningful slice of the market is transacting at that price point without being affected by whatever the 30-year or 15-year mortgage rate happens to be that week.
Who Is Actually Buying Without A Loan
A cash purchase in this market typically comes from a buyer who already has substantial equity to deploy rather than income to qualify against, which in practice skews toward repeat buyers moving proceeds from a sold home into a new one, and toward investors purchasing rental property outright. Yun, NAR’s chief economist, has tied the recent growth in available housing inventory to greater negotiating leverage for buyers generally, and a cash buyer sits at the sharpest end of that leverage: able to close fast, waive financing conditions, and make an offer a seller can accept with less risk of the deal falling through before closing.
That advantage is largely unavailable to a buyer financing a purchase with a new mortgage, who is working with both a higher rate than a year ago and a seller who may prefer a cash offer even at a slightly lower price, simply for the certainty it carries.
For an older homeowner selling a long-held house, the practical effect of a large cash-buyer share is a wider pool of offers that do not depend on a lender’s approval, which can shorten the time between an accepted offer and a closed sale. For an older buyer using proceeds from a previous sale to purchase outright, that same cash position is what lets a $429,100 median-priced home be bought without taking on a new mortgage payment in the first place.
One Report, Two Different Figures
Both numbers in this article, the $429,100 median price and the 27% cash share, come from the same NAR release covering August closings, the most recent monthly data the trade group has published. Neither figure moves until NAR’s next report, and the trade group has not indicated a date on which the current all-cash share would be expected to change. Anyone comparing this month’s $429,100 median against an earlier purchase, or weighing a cash offer against a financed one on a home near that price, is working from the same August data NAR has published, not a projection of where either number goes next.
What A Cash Sale Skips, And What A Financed One Still Owes
The typical existing-home sale price and a 27% all-cash share describe the transaction itself, but neither number says anything about the property taxes, homeowners insurance or utility costs that start the day after closing, whether the buyer financed the sale or paid outright. NAR’s report tracks the sale, not what it costs to hold onto the home afterward.
The Senior Property Tax & Home-Cost Relief Kit covers the circuit-breaker credit that includes renters and an application log built for tracking what has already been filed, alongside the 5 kinds of property-tax relief available to owners at any price point.
Open the application log in The Senior Property Tax & Home-Cost Relief Kit.
This article was produced with AI assistance and checked against the primary sources linked above.
Warren Cohen is a finance writer based in Phoenix, Arizona, covering personal finance topics including credit, banking, and beginner investing. He earned his degree in business administration from Arizona State University and began his career working in consumer finance, where he gained direct experience with lending and credit systems. He now writes for personal finance websites and fintech platforms, focusing on clear, practical content that helps readers make informed financial decisions.
