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Home Sales: Cash Rules
By Jay Gray
(NBC News) If you've noticed more houses for sale in your neighborhood, you're not alone.
Home sales, and home prices, are up across the country, and there are some who are a bit concerned about the trend.
According to the online real estate data base Zillow.com at least 1,000 U.S. cities have hit new record highs.
Buyers are also bringing cash.
Cash sales reached a record 43% nationally in the first part of this year.
In Florida more than half of all sales were all cash during the first quarter.
The activity has created a new concern according to Federal Reserve Chair Janet Yellen, who told Congress this week her agency is monitoring the effects of higher prices on the spring housing market.