Slow Start for 2016 Cash Sales

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Posted To: MND NewsWire

A decrease in cash sales in February put 2016 on track to have the lowest share of such transactions in eight years. CoreLogic said that all cash purchases accounted for 35.7 percent of all home sales in February, a decline of 2.5 percentage points compared to February 2015 and down 0.1 point from January 2016. For the first two months of 2016, the cash sales share averaged 35.6 percent, the lowest start for any year since 2008. Cash sales hit a high of 46.6 percent in January 2011 when distressed sales were also at historic levels. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. CoreLogic predicts that, if the cash sales continue to fall at the same rate as in February, the share should return to that level by mid-2018. Real estate-owned…(read more)

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