Cash sales accounted for 32.5 percent of total home sales in September 2015, down 3.4 percentage points year over year, according to a report released by CoreLogic, a property analytics firm.
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In the Tacoma-Lakewood area, the financial data company said 18.4 percent of homes were purchased for cash in September. The city, as well as the state (30 percent share in September), have benefited from a consistent decline in cash sales and a steadily improving economy that’s pushed the market into more sustainable territory. At their peak in January 2011, all-cash transactions accounted for close to half of all homes sales at 46.6 percent.
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On a month-over-month basis, the cash sales share increased by 0.2 percentage points in September compared with August. The state saw 45 percent of its home sales done in cash in September, falling behind only West Virginia with 46 percent and Alabama.
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But a large percentage of cash buyers makes it more hard for first-time homebuyers and others who need financing to compete for properties.
If the downward trend continues at this rate, CoreLogic says we’ll reach “normal” levels of around 25 percent by the middle of 2017.
But that was down from 53.1 percent over the year and from 58.5 percent five months earlier, CoreLogic said.
In January 2011, when the all-cash sales hit their peak, REO sales represented 23.9% of total home sales.
As a percentage of all sales, REOs accounted for 6.4% of total September real-estate sales.
Syracuse, New York, had the lowest cash sales share at 14.1 percent. (50.6 percent), Philadelphia, Pa. (48.9 percent), Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.
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Of the nation’s largest 100 Core Based Statistical Areas (CBSAs) measured by population, Miami-Miami Beach-Kendall, Fla. had the highest cash sales share at 50.8 percent, followed by West Palm Beach-Boca Raton-Delray Beach, Fla.
