CoreLogic: Cash sales in Prov. metro decline in August

CASH SALES in the Providence-Warwick metropolitan area declined in August to 24.4 percent of total home sales, CoreLogic said Thursday. Among the states, Alabama had the highest cash sales share at 47.5 percent. / COURTESY CORELOGIC
CASH SALES in the Providence-Warwick metropolitan area declined in August to 24.4 percent of total home sales, CoreLogic said Thursday. Among the states, Alabama had the highest cash sales share at 47.5 percent. / COURTESY CORELOGIC

PROVIDENCE – Cash sales in the Providence-Warwick metropolitan area declined in August to 24.4 percent of total home sales, a 2.4 percentage point decrease when compared with the prior-year period, CoreLogic said Thursday.
The Providence metro’s rate also was lower than the national cash sales share in August, which was 31.7 percent. The national cash sales share also fell, from 34.9 percent a year ago.
According to CoreLogic, cash sales nationally peaked in January 2011, accounting for 46.5 percent of total home sales. But before the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
CoreLogic said that if the cash sales share continues to fall at the same rate that it did in August, the share should reach 25 percent by mid-2017.
Among cash sales nationally, CoreLogic said real estate-owned sales had the largest cash sales share in August at 57.9 percent, with resales having the next highest share at 31.1 percent, followed by short sales at 29 percent and newly constructed homes at 15.5 percent.
Of the nation’s 100 largest core-based statistical areas measured by population, Miami-Miami Beach-Kendall, Fla. had the highest cash sales share at 51.7 percent in August. Alabama had the highest share among the states at 47.5 percent.

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