According to a new CoreLogic report, cash sales across the country decreased 2.5 percent annually in June. At this rate, CoreLogic analysts predict the cash sales percentage market share will be back to 25 percent by mid-2018, or roughly what it was pre-housing bust.
Cash sales accounted for 29.3 percent of national sales in the month of June. This is the first month since 2007 that the cash sales share has dipped below 30 percent, according to CoreLogic.
Cash sales percentages by state, courtesy CoreLogic
Local markets and states
New York State had the highest share of cash sales of any state in June, at 44.8 percent. Alabama was a close no. 2, with 44.6 percent. New York City seems right on par with the state. Cash sales in the metro area, which includes Jersey City and White Plains, reached 45.6 percent in June, a 2.03 percentage point increase since 2015.
Baltimore cash sales just slightly exceeded the state of Maryland in June. Cash sales in Baltimore dropped 1.81 percentage points year-over-year, to 22.8 percent — just 2.1 percentage points higher than the state. Maryland’s cash sales decreased 1.4 percentage points from June 2015.
Cash sales in Washington D.C. dropped to 15.7 percent. This is a 1.3 percentage point decrease from the same time last year. CoreLogic also recently reported that the District of Columbia was no. 4 in the metro areas with the highest negative home equity.
Cash sales in Miami experienced a 6.05 percentage point fall in June from the previous year, to 47.9 percent. To put that in context, national cash sales peaked in 2011, at 46.6 percent, the report says. Overall cash sales in Florida decreased 5.7 percentage points annually, to a 40.6 percent market share in June.
Houston’s cash sales dropped 3.18 percentage points over the year in June, to 27.6 percent. Cash sales across the state of Texas accounted for 27.7 percent in June, a 1.9 percentage point decrease from June 2015.
Although slight, cash sales in San Francisco did tick down 0.86 percentage points annually, to 23.4 percent in June — still below a previously healthy national average, CoreLogic says.
Los Angeles’ cash sales dropped to 21.3 percent from June 2015’s 22.9 percent. Overall cash sales in California dropped an even 2 percentage points, to 21.3 percent in June.
Chicago’s cash sales have slowly fallen over the past year, the report shows. Earlier in April, cash sales accounted for 29.7 percent, and even that was a 4.6 percentage point drop over the year. This June, however, cash sales reached 24.8 percent, which is a 4.39 percentage point drop since June 2015.
