More and more homebuyers and investors are coming to the negotiating table and closing deals with cash in hand.

A third of all U.S. single-family homes and condominiums sold in the second quarter were purchased with cash, up from 20.6% a year prior, the highest percentage since the first quarter of 2015.

In New York the figure is 52%, but some metro areas saw even higher percentages. The highest was on the Rust Belt due to the late 20th-century loss of manufacturing jobs. In fact, in Buffalo and Detroit, the cash sales were 71% and 68%, respectively.

In general, bargain-hunting and single-family rental investors ...