Cash sales made up 31.6% of total home sales in April, a decrease of 2.8 percentage points annually, according to a recent report from CoreLogic.

Cash sales share of the market sales decreased 1.6 percentage points from March to April.

For the first four months of 2016, cash sales averaged 33.9% of the market share, the lowest start of any year since 2008.

Cash sales peaked in January when they made up 46.6% of the market. Before the housing crisis, cash sales made up about 25% of the market. If cash sales continue to fall at their current rate, they could hit pre-crisis levels by mid-2018.

Real estate-owned sales had the largest cash sales share at 56.7%, followed by resales at 31.3%, short sales at 28.6% and newly constructed homes at 14.5%.

Although the percentage of REOs that were cash transactions were the highest, REO sales only accounted for 5.7% of the market sales in April. In January 2011 when cash sales hit their peak, REOs made up 23.9% of total home sales.

Resales typically make up the majority of home sales, about 83% in April, and therefore have the largest impact on total cash sales.

Click to Enlarge

Cash sales

(Source: CoreLogic)

Florida had the largest cash sales share of any state at 45.5%, followed by Alabama at 45.3%, New York at 44.2%, New Jersey at 38.2% and Indiana at 38%.

Although Florida may have the largest share of cash sales, it also has some of the summer's most booming markets.

Click to Enlarge

Cash sales

(Source: CoreLogic)

Most Popular Articles

3 housing trends to watch for in 2020

The year 2020 is now upon us, and as we say goodbye to 2019, we welcome a new decade and all the twists and turns it will bring for the housing industry.

Dec 02, 2019 By

Latest Articles

loanDepot names Sudhir Nair chief information and technology officer

loanDepot announced the hire of Sudhir Nair as chief information and technology officer this week. Nair replaces Dominick Marchetti, who left for Guaranteed Rate earlier this year.

Dec 04, 2019 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please