With hundreds of thousands more home sellers than buyers in the market, fewer house hunters feel inclined to make cash offers to stand out in bidding wars. Economic uncertainty is also encouraging buyers to hold onto cash and finance home purchases. 

Just under three in 10 (28.8%) U.S. homebuyers paid in all cash in March, down from 29.8% a year earlier. That’s tied with 2021 for the lowest March share since 2020.