Dec 23

Cash Sales Near 50% in These Cities

Cash Sales Near 50% in These Cities

 

Cash Sales Near 50% in These Cities

Cash Sales Near 50% in These Cities

The number of buyers paying all-cash in real estate transactions is falling nationwide, but some places are still seeing a big bulk of their sales from all-cash buyers. Cash sales nationwide accounted for 32.5 percent of total home sales in September, down from 35.9 percent a year ago, according to CoreLogic’s analysis. Cash sales peaked in January 2011 at 46.4 percent, but have been gradually on its way down ever since.

REO sales have the highest cash sales share at 58.3 percent, followed by resales at 32 percent, short sales at 29.1 percent, and new-home construction at 15.9 percent, according to CoreLogic.

Of the nation’s 100 largest metro areas, the following places had the highest percentages of cash sales in September:

  1. Miami-Miami Beach-Kendall, Fla.: 50.8%
  2. West Palm Beach-Boca Raton-Delray Beach, Fla.: 50.6%
  3. Philadelphia, Pa.: 48.9%
  4. Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.: 47.9%
  5. North Port-Sarasota-Bradenton, Fla.: 47.2%
  6. Syracuse, N.Y.: 14.1%

On a larger view, cash sales continue to dominate these states:

  1. Alabama: 48.2%
  2. West Virginia: 46%
  3. Florida: 45.2%
  4. New York: 44.1%
  5. Kentucky: 39.6%

Source: “Cash Sales Share Falls 3 Percentage Points From a Year Ago,” CoreLogic’s Insights Blog (Dec. 21, 2015)

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