Housing
Cash Home Sales Highest in Michigan, West Virginia, Florida
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Cash home sales reached a peak in January of 2011, when 46.4% of all home sales in the United States were sold for cash. That peak was nearly double the pre–housing crisis average of around 25%.
The five states where cash sales were highest in November were Michigan (54.4%), West Virginia (53.3%), Florida (51.4%), Alabama (50.7%) and South Dakota (45.5%). Sales include new construction, resales, real-estate owned (REO) and short sales, and the data were reported Wednesday by CoreLogic.
Cash sales for REO properties accounted for 61.1% of all cash sales, while cash sales for resales and short sales accounted for about 35.2% and 32.7%, respectively. All-cash sales of new homes came in at 16.3% of all new home sales.
As a percentage of all sales, REOs accounted for 10% of total November real-estate sales. In January 2011, REO sales accounted for nearly 24% of all sales.
Of the nation’s 100 largest metropolitan areas, the five core-based statistical areas with the greatest percentage of cash sales are:
The metro area with the lowest percentage of cash sales was Washington-Arlington-Alexandria, D.C.-Va. at 15.8%.
Cash sales ticked up slightly month-over-month in November, which CoreLogic notes is typical of the fall and winter months.
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