DataIndustry News

Cash sales nearing pre-recession numbers, CoreLogic says

Major metros across the country seeing steady drops in cash sales
  • Cash sales accounted for 31.6 percent of national home sales.
  • The Miami metro's cash sales dropped to 49.6 percent, almost an 8 percent drop from the year before.
  • Cash sales in the New York City area remained relatively unchanged from the year before.

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During the month of April, about one of three home purchases was paid for in cash, according to CoreLogic. Although that seems like a steep percentage, it's actually lower than the year before. During April 2015, 34.4 percent of homes sold were cash sales. This year, however, that number dropped down to 31.6 percent, even declining 1.6 percentage points from the month before. Cash sales accounted for 33.9 percent of purchases from January to April this year. Prior to the housing crisis, an average of 25 percent of home sales were cash sales, CoreLogic says. The research firm forecasts that if cash sales continue to decline at the current rate, they will be back to pre-crisis numbers in 2018. Corelogic Cash sales peaked at the start of 2011, when 46.6 percent of sales were cash transactions. Of the four types of sales (REO, resale, short sale, new construction) CoreLogic examined in its April report, REO sales had the highest number of cash sales, at a 56.7 percent...