DataIndustry News

Cash sales constitute third of total home sales in March

Cash sales nationwide are slowly dropping back to normal
  • The national cash sales average before the housing crisis was 25 percent.
  • Half of all residential home sales in Miami were cash sales.
  • The New York City area saw 46.2 percent cash sales.
  • Washington D.C. had the lowest amount of cash sales in March, at only 16 percent.

Of the all the homes sold in the U.S. during March of this year, one out of every three was a documented cash sale, according to Corelogic. Although this number represents a healthy decline to pre-bubble percentage points, it's still higher than normal. According to the data, the percentage of cash sales in March revealed the lowest start to any year since 2008. Cash sales peaked across the country in 2011, accounting for nearly 50 percent of all real estate sales. Prior to the housing crisis in 2008, cash sales typically averaged 25 percent of national residential real estate transactions. The cash sales figure echo Bruce Ailion of Ailion Team, who predicted fewer all-cash sales and greater scrutiny for large cash purchases after new regulations forcing buyers of luxury homes to identify themselves instead of using shell companies. Cash sales forecast from Corelogic. Local market cash sales San Francisco and Los Angeles seem to be a bit more on target for the national...