Housing
Cash Sales of Homes Highest in New York State
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CoreLogic keeps data on cash sales as a percentage of all home sales. In June, the number was an extraordinary 29.3% nationwide. Some states have numbers much higher than that. In New York state, the figure is 45.3%
The national number is approaching housing bubble levels:
Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in June 2016, the share should hit 25 percent by mid-2018.
Following New York, the largest percentages by state in June were Alabama (44.6%), Florida (40.6%), Oklahoma (38.6%) and Indiana (35.7%).
The cash sales level among states is highest in one of the cities with the cheapest housing prices: Detroit-Dearborn-Livonia, Michigan, had the highest cash sales share at 56.5%.
The balance of the top cities were cities crushed by the housing bubble implosion: West Palm Beach-Boca Raton-Delray Beach, Florida, (49.3%), Miami-Miami Beach-Kendall, Florida, (47.9%), North Port-Sarasota-Bradenton, Florida, (47.7%) and Cape Coral-Fort Myers, Florida, (46.1%).
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