Written by The Business Journal Staff
Cash home sales accounted for 30 percent of total U.S. home sales in May, down 2.5 percent year over year from May 2015, according to the latest report from CoreLogic.
But in Fresno, the cash home sales share increased for the month of May over the same period last year and sits at 23.3 percent, a 1.4 percent increase compared with May 2015.
On a month-over-month basis, the national cash sales share fell by 1.7 percent in May.
For the first five months of 2016, the cash sales share averaged 33 percent, the lowest start to any year since 2008. The cash sales share peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally.
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 May 2016, the share should hit 25 percent by mid-2018, said the CoreLogic report.