Written by The Business Journal Staff
Not as many folks shelled out cash to buy a home in Fresno late last year, according to new data from CoreLogic.
The real estate information firm reported that the cash sales share in Fresno for October was 22.9 percent, a 1.6 percent decrease compared with October 2014. Fresno’s cash sales share was lower than the 33.9 percent national rate.
The national cash sales share was down 2.6 percentage points from October 2014.
The cash sales share peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally, according to CoreLogic. 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 October 2015, the share should hit 25 percent by mid-2018.