CoreLogic analyst Molly Boesel notes that cash sales in general continued their downward trend in January 2016, compared with a year earlier.
Boesel takes a look at the historical trend in cash sales share by sale type. Real estate-owned (REO) sales had the largest cash sales share in January 2016 at 59.8%. Resales had the next highest cash sales share at 35%, followed by short sales at 31.7% and newly constructed homes at 17 %. While the percentage of REO sales that were all-cash transactions remained high, REO transactions accounted for only 7.8% of all sales in January 2016. Boesel zeroes in at the market-level for highest lowest rates of all-cash payments:
Detroit, Mich. had the highest cash sales share at 65.6 percent, followed by West Palm Beach-Boca Raton-Delray Beach, Fla. (54.3 percent), Miami-Miami Beach-Kendall, Fla. (53.4 percent), Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. (51.5 percent) and Cape Coral-Fort Myers, Fla. (51.1 percent). Syracuse, N.Y. had the lowest cash sales share at 11.6 percent.