Cash buyers still make up a large percentage of the home sales market, but their grip has slipped for at least two consecutive years now, data provider CoreLogic reported on Thursday.
The company's analysis showed that 38.9 percent of buyers nationwide were all-cash transactions during January. That compared with 41.4 percent during the same month last year.
Florida, which is seeing a resurgence of baby boomer retirees buying as the housing market and general economy have healed, saw 56 percent of sales occur through cash-only transactions -- higher than any other state, the CoreLogic data showed.
The only other state approaching Florida's tally was Alabama, with 55 percent. In the North Port-Sarasota-Bradenton market, by CoreLogic’s measure, 56.33 percent of buyers were cash only during January, down about 5.2 percent from the same month in 2014.
In the Miami-Miami Beach-Kendall market -- one of the top 25 metros that CoreLogic tracked in its report -- 59 percent of sales were cash. That was down about 7 percent year-over-year but still the highest of any of the top metros.
The Tampa-St. Petersburg-Clearwater market was 48.8 percent cash transactions during January, down about 8.9 percent from a year ago in January.
Nationally, the year-over-year share has fallen each month since January 2013.
Month-over-month, the cash sales share increased by 3.2 percentage points, which is typical in the month of January, CoreLogic said.
"The cash sales share peak occurred in January 2011, when cash transactions made up 46.5 percent of total home sales in the U.S.," CoreLogic said. "Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
"Should the cash sales share continue to fall at the same rate that it did in January 2015, the share should decrease to 25 percent in mid-2018," the company said.
(Ref: http://www.heraldtribune.com/article/20150409/ARTICLE/150409690/2107/BUSINESS?Title=Florida-leads-in-all-cash-home-purchases)
No comments:
Post a Comment