PROVIDENCE – Cash sales made up 33 percent of total home sales in October in Rhode Island, a drop of 8 percent compared with the same period a year ago, data firm CoreLogic said Thursday.
Nationally, cash sales comprised 35.5 percent of total home sales in October, compared with 38.7 percent of total home sales in October 2013. CoreLogic said the year-over-year share has fallen each month since January 2013, making October the 22nd consecutive month of declines.
CoreLogic said the peak occurred in January 2011 when cash transactions made up 46.4 percent of total home sales. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
CoreLogic is predicting that the cash sales share should return to pre-crisis levels in 2017.
Nationally, real estate-owned sales had the largest cash sales share in October at 58.7 percent.
Delaware had the largest cash sales share of any state at 58.3 percent, followed by Alabama, 51.3 percent; Florida, 51.1 percent; New York, 44.4 percent; and Michigan, 43.1 percent.
Of the nation’s 100 largest core-based statistical areas measured by population, Miami-Miami Beach-Kendall, Fla. had the highest share of cash sales at 56.6 percent, followed by West Palm Beach-Boca Raton-Delray Beach, Fla. at 56.1 percent. Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest cash sales share at 16 percent. Data for the Providence-Warwick-Fall River area was not provided.
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