Thursday, December 11, 2014IRVINE, Calif. -- Cash sales made up 34.8% of all housing bought in September, down from 37.2% in September 2013, CoreLogic reports.
The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines.
Month over month, the share of cash sales ticked up 1%. Core Logic caustions that comparisons should be made on a year-over-year basis because of the seasonal nature of the housing market. Before the housing bubble burst, the cash sales share of all housing sales averaged approximately 25%. The peak occurred in January 2011 when cash transactions made up 46.4% of all residential sales.
Real-estate-owned sales had the largest cash sales share in September at 58.1%, followed by re-sales (34.4%), short sales (32.4%) and newly constructed homes (16.8%). While the percentage of real-estate-owned sales that were cash transactions remained high, such transactions made up only 7.8% of total sales in September and, therefore, did not have a large influence on the overall share of cash sales. In January 2011, when the share of cash sales was at its peak, rea-estate-owned made up 23.9% of all sales.
Copyright 2014 The Business Journal, Youngstown, Ohio.
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