Written by The Business Journal Staff
Cash sales of homes in the Fresno region accounted for 21.3 percent of all transactions in July, a 0.2 percentage point increase compared with July 2015.
That’s according to new data from real estate information firm CoreLogic, which also reported a 29.7 percent cash-sales rate for the U.S.
The national share in July was down 1.9 percentage points compared to the same month in 2015.
The national 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 July 2016, the share should hit 25 percent by mid-2018.
REO sales had the largest cash sales share in July 2016 at 57.6 percent. Resales had the next highest cash sales share at 29.4 percent, followed by short sales at 28.1 percent and newly constructed homes at 15 percent.