PROVIDENCE – Cash sales accounted for 32 percent of home sales in the Providence-Warwick metropolitan area in May, according to CoreLogic.
That’s a 3.6 percentage point increase compared with May 2014.
The Providence metro cash sales share was slightly higher than the national cash sales share of 31.9 percent. A year earlier, the national rate was 3.2 percentage points higher at 35.1 percent.
CoreLogic said that the year-over-year share has fallen each month nationally since January 2013, making May the 29th consecutive month of declines. It also said that the cash sales share peaked in January 2011, when cash transactions comprised 46.5 percent of total home sales nationally. Before the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
Florida had the largest share of any state at 47.8 percent for cash sales, followed by New York and New Jersey, 45.8 percent each; Alabama, 44.2 percent; and Michigan, 38.4 percent.
Of the nation’s largest 100 core-based statistical areas measured by population, West Palm Beach-Boca Raton-Delray Beach, Fla., had the highest cash sales share at 58.1 percent, followed by North Port-Sarasota-Bradenton, Fla. (55.9 percent), Cape Coral-Fort Myers, Fla. (55 percent), Detroit-Dearborn-Livonia, Mich. (54.6 percent), and Miami-Miami Beach-Kendall, Fla. (54.6 percent). Syracuse, N.Y., had the lowest cash sales share at 11.6 percent.
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