Here's Where Buyers Are Paying All-Cash
While the number of all-cash transactions is dropping across the nation, a few pockets across the country are still seeing a large share of buyers paying all-cash for their home purchase.
Across the country, the number of all-cash deals making up transactions has plunged since topping in January 2011 when cash offers made up 46.5 percent of home sales nationally. Presently, that rate has dropped to 33.7 percent of total home sales, as indicated by CoreLogic's money deals report.
The year-over-year cash sales has fallen every month since January 2013.
In spite of the drops, cash dales still stay remain elevated by historical standards. Before the housing crisis, cash sales made up around 25 percent of home deals, as per CoreLogic. If cash sales continue to fall at the most recent pace, the share should hit 25 percent by mid-2017.
The biggest number of cash sales are through real estate-owned deals, with about 57 percent of cash deals being from REOs. Resales took after with the with the highest cash share at 33 percent, trailed by short sales at 30 percent and new homes at 15 percent.
The following states had the highest share of cash sales in April, the latest data available from CoreLogic:
•Florida: 51.4% of sales were from cash deals
•West Virginia: 48.3%
•New York: 45.4%
By metro level, the following cities had the largest number of cash :
•West Palm Beach-Boca Raton-Delray Beach, Fla.: 59.1%
•North Port-Sarasota-Bradenton, Fla.: 58.5%
•Cape Coral-Fort Myers, Fla.: 58.1%
•Detroit-Dearborn-Livonia, Mich.: 58%
•Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla.: 56.9%
Meanwhile, Syracuse, N.Y., had the lowest share of cash sales at 11 percent, according to CoreLogic.