Home buyers in Cape Coral using financing pay around the national average down payment on single-family homes and condos.
They put down a median of $20,300, while the national average is $20,000, according to a new report from ATTOM Data Solutions.
The median sales price of Cape Coral single-family homes and condos was $215,000, from July-September 2017 – almost $50,000 less than the national median.
Nationally, the average down payment of $76,645 is a new record and the median down payment of 7.6% is a four-year high, according to the Q3 2017 U.S. Residential Property Loan Origination Report.
The median down payment in the previous quarter was $18,161 and $14,400 from a year earlier.
Daren Blomquist, Senior Vice President with ATTOM Data Solutions, says, “Buying a home has become a full-contact sport in many markets across the country, and buyers with the beefiest down payments — not to mention all-cash buyers — are often able to muscle out those with scrawnier savings.
“Despite the increasingly competitive nature of homebuying, the number of residential property purchase loans nationwide increased to a 10-year high in the third quarter.”
The loan origination report is derived from publicly recorded mortgages and deeds of trust collected by ATTOM Data Solutions in more than 1,700 counties accounting for more than 87 percent of the U.S. population.
The median down payment was more than $50,000 in 12 of the 99 metropolitan statistical areas analyzed in the report, led by San Jose ($247,000) and San Francisco, California ($170,000).
Nearly 2.4 million loans (2,386,518) secured by residential property (from one to four units) were originated in the third quarter, up 17% from the previous quarter but still down 5% from a year ago.
Of the total 2.4 million loan originations during the quarter, nearly 1.1 million were purchase loans (1,011,144), up 8% from the previous quarter and up 7% from a year ago to the highest level since Q3 2007 — a 10-year high.