Nearly One-Third of Residential Transactions Involved Cash Sales

Feb 27, 2017

Cash sales accounted for 32.4 percent of total home sales in November 2016, according to data released by CoreLogic. This represents a 4.5 percent decline from the level recorded in November 2015.

Real estate-owned (REO) sales had the largest cash sales share in November 2016 at 60.2 percent—although REO sales only made up 4.9 percent of total home sales. Resales had the second largest cash sales share in November at 32.3 percent, followed by short sales at 31.9 percent and newly constructed homes at 15.5 percent.

New York had the largest cash sales share in November at 47.4 percent, followed by Alabama (47.3 percent), Michigan (44.1 percent), Florida (42.4 percent) and Indiana (41 percent). For the distressed sales sector, all but eight states had lower year-over-year activity, while the greatest share of distressed sales by state were found in Maryland (18.4 percent) and Connecticut (18.2 percent).

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Phil Hall

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Feb 27, 2017

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