Written by The Business Journal Staff
According to a new report from CoreLogic, cash sales accounted for 33 percent of total home sales in March 2016, down 2.4 percentage points year over year from March 2015.
On a month-over-month basis, the cash sales share fell by 2.8 percentage points in March 2016 compared with February 2016.
The cash sales share in Fresno was down for the month of March over the same period last year, registering 24.3 percent of all sales, a 1.1 percentage point decrease compared with March 2015.
The cash sales share in Fresno was almost 9 percentage points lower than the 33 percent national rate.
For the first three months of 2016, the cash sales share nationwide averaged 34.7 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.
According to the CoreLogic report, if the cash sales share continues to fall at the same rate it did in March 2016, the share should hit 25 percent by mid-2018.