This paper investigates the effects of cash-only transactions on residential property values before, during and after the financial crisis. Using a comprehensive database of residential property sales in Tallahassee, FL from 2006 to 2015 and a propensity score matching model, we find that, on average, cash-only transaction is associated with a 4.9% discount to the overall housing price. Further analyses reveal that the cash-only discount is present only in the lower- price segment after the financial crisis. Although cash-only transactions are more common for distressed, investor-purchased and rental properties, we find no significant cash-only price discount for these property categories except for the lower-priced segment. Overall, we demonstrate that cash-only price discounts are less contingent on the distressed status, but more so driven by the increased supply and attractiveness of lower-priced homes by investors.

本文研究了仅现金交易对金融危机之前、期间和之后的住宅物业价值的影响。使用佛罗里达州塔拉哈西 2006 年至 2015 年住宅房地产销售的综合数据库和倾向得分匹配模型，我们发现，平均而言，纯现金交易与整体房价的 4.9% 折扣相关。进一步的分析表明，纯现金折扣仅出现在金融危机后的低价部分。尽管纯现金交易在不良资产、投资者购买和出租物业中更为常见，但我们发现，除了价格较低的部分外，这些物业类别没有明显的纯现金价格折扣。总体而言，我们证明纯现金价格折扣较少取决于陷入困境的状态，