According to CoreLogic, cash sales made up 34.6 percent of total U.S. home sales nationally in March
2015-06-12Real estate-owned (REO) sales had the largest cash sales share in March 2015 at 56.2 percent, followed by resales (34.5 percent), short sales (31.6 percent) and newly constructed homes (14.9 percent). While the percentage of REO sales that were all cash transactions remained high, REO transactions made up only 8.4 percent of all sales in March. In January 2011, when the cash sales share was at its peak, REO sales made up 23.9 percent of total home sales. Resales make up the majority of home sales at about 80 percent, and therefore have the biggest impact on the total cash sales share.
Florida had the largest share of any state at 51.8 percent, followed by Alabama (50 percent), New York (46.5 percent), New Mexico (42.2 percent) and Michigan (41.3 percent). Of the nation's largest 100 Core Based Statistical Areas (CBSAs) measured by population, Philadelphia had the highest share of cash sales at 60.7 percent, followed by West Palm Beach-Boca Raton-Delray Beach, Fla. (59.9 percent), North Port-Sarasota-Bradenton, Fla. (59.5 percent), Cape Coral-Fort Myers, Fla. (59.3 percent) and Miami-Miami Beach-Kendall, Fla. (58.3 percent). Colorado Springs, Colo. had the lowest cash sales share at 16.1 percent.
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