CoreLogic analyst Molly Boesel serves up a big slice of analytical deliciousness in her commentary on the latest monthly cash sales analysis of home transactions.
She notes that while the "norm" for all-cash purchases' share of total home sales is 1 in 4, it will likely be 2018 before the market returns to that level. In looking at "sale type," Boesel clocks in that 16.7% of newly constructed homes are purchased for all cash. Noteworthy in the data is that 33.2% of normal existing home sales are for all cash, a high level.
Have a gander at Boesel's note on some of the geographical highs and lows:
Alabama had the largest cash sales share of any state at 51.7 percent, followed by Florida (46.7 percent), New York (46.3 percent), West Virginia (44.4 percent) and Indiana (40.8 percent). Of the nation’s largest 100 Core Based Statistical Areas (CBSAs) measured by population, Miami-Miami Beach-Kendall, Fla. had the highest cash sales share at 51.6 percent, followed by West Palm Beach-Boca Raton-Delray Beach, Fla. (50.9 percent), Detroit, Mich. (50 percent), Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. (49 percent) and Philadelphia, Pa. (48.9 percent).