I haven’t seen the data, but I would not be terribly surprised if this is including “investor” transactions, where the financing is arranged separately from the property purchase. In other words, there’s no mortgage on the individual dwelling, there’s a pool of money coming from debt and equity and the pool is doing the purchasing.
They think the properties are cheap, or at least that they’ll appreciate further.
I have a neighbor who has helped his son buy a couple properties for cash, but after the sale is closed he gets financed..it is easier to get the property that way.
Ultimately, the property is financed.
Property is through the roof in some areas of LA ... in mine for instance. Many, many multiple cash offers paying a premium.