Cash sales 28.8% of home sales in November in R.I.

CASH SALES made up 28.8 percent of total home sales in Rhode Island in November, a year-over-year drop of 15.28 percent, according to data firm CoreLogic. / COURTESY CORELOGIC
CASH SALES made up 28.8 percent of total home sales in Rhode Island in November, a year-over-year drop of 15.28 percent, according to data firm CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Cash sales made up 28.8 percent of total home sales in Rhode Island in November, a year-over-year drop of 15.28 percent, according to data firm CoreLogic.
Rhode Island’s cash sales share was below the national average.
Nationally, cash sales made up 36.1 percent of total home sales in November, a year-over-year drop of 38.8 percent. CoreLogic said the year-over-year share has decreased each month since January 2013, making November the 23rd consecutive month of declines.
Cash sales peaked in January 2011 when they comprised 46.4 percent of total home sales. But prior to the housing crisis, cash sales averaged approximately 25 percent.
Nationally, real estate-owned sales had the largest cash sales share in November at 61.1 percent, followed by re-sales at 35.2 percent, short sales at 32.7 percent and newly constructed homes, 16.3 percent. In January 2011, real estate-owned sales made up 23.9 percent of total sales.
Michigan had the largest share of cash sales for any state at 54.4 percent, followed by West Virginia (53.3 percent), Florida (51.4 percent), Alabama (50.7 percent) and South Dakota (45.5 percent).
Of the nation’s largest 100 core-based statistical areas measured by population, Detroit-Dearborn-Livonia, Mich., had the highest share of cash sales at 63.2 percent, followed by Miami-Miami Beach-Kendall, Fla. (58.2 percent), West Palm Beach-Boca Raton-Delray Beach, Fla. (57.3 percent), Philadelphia (55.9 percent) and Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla. (55.7 percent). Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest percentage of cash sales at 15.8 percent.

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