Cash Sales Retain Elevated Share of Market

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Posted To: MND NewsWire

While the both the investor share of home sales and the share represented by distressed properties are setting post-crash lows, the share of cash sales remains elevated . CoreLogic reports that in May cash sales represented 30 percent of home sales. While this was down 1.7 percentage points from April and was 2.5 points lower than a year earlier, it remains 5 points higher than the average before the housing crisis. Cash transactions peaked at 46.6 percent of home sales in January 2011. CoreLogic estimates that, at the current rate of decline, it will return to a 25 percent share by mid-2018 . REO sales continue to have the largest cash share , 56.6 percent in May. However only 5.1 percent of home sales during the month were from lender inventories, down from about a quarter of sales when cash…(read more)

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