Cash sales lowest since 2007; 29% in Arizona

cash-salesBy Jann Swanson | Mortgage News Daily

The all-cash share of residential sales dipped below 30 percent in June, the first time this has happened since 2007.   CoreLogic said on Tuesday that cash accounted for 29.3 percent of home sales during the month, a decrease of 2.5 percentage points since June of last year. On a monthly basis those sales were 0.9 percentage points lower than in June.

Cash sales, which prior to the housing crisis averaged about 25 percent per month, peaked in January 2011 at 46.6 percent. At the current rate of decline CoreLogic estimates cash sales should return to “normal” levels by mid-2018.

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