Cash sales accounted for 33.1 percent of total home sales in December, down 1.3 percent year-over-year, according to new data from CoreLogic
. For the full-year 2016, the cash sales share was 32.1 percent, 2.2 percent below the full-year 2015 share. CoreLogic estimated that cash sales will reach 25 percent of all transactions by mid-2019.
Real-estate owned (REO) sales had the largest cash sales share in December, at 61.1 percent, followed by short sales at 34.2 percent, resales at 33 percent and newly constructed homes at 16.7 percent. New York and New Jersey had the largest cash sales share among the states in December, 47.9 percent and 47.6 percent, respectively.
CoreLogic also reported the distressed sales share of 7.8 percent in December was the lowest distressed sales share for any month since October 2007. The distressed sales share for the full-year 2016 was 8.9 percent, down 2.1 percent from the full-year 2015 and the lowest annual distressed sales share since the six percent level recorded in 2007.