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More Than Half of Sales Remain All-Cash in Some Markets

Wednesday, May 13, 2015

The influence of cash sales on the residential real estate market continued to decline in February with those sales accounting for 37.9 percent of total home sales.  This is still a significant number, before the housing crisis such sales typically made up a quarter of sales, but the percentage has fallen consistently on an annual basis for 26 straight months from its 46.5 percent January 2011 peak.

The February figures reported by CoreLogic were down 2.7 percentage points from a year earlier and were 1 point lower than cash sales in January.  CoreLogic says due to the seasonality of the housing market comparisons should be made on an annual rather than a monthly basis.  The company projects that, at the current rate of decline, the cash sales share will return to the pre-crisis level of 25 percent by mid-2018.

 

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