10 Markets Where Cash Sales Are Rising the Most

Source

More buyers are bringing just cash to closing. All-cash purchases in the first quarter comprised 34% of all single-family sales—the highest level since the first quarter of 2015, according to a new report from ATTOM Data Solutions, a housing research firm.

As home buyers race to compete in a fierce housing market marked by bidding wars, more buyers are bringing cash to try to triumph over the competition. The tactic has been shown to work for those who can afford to do so. Read more: All-Cash Buyers More Likely to Win Bidding Wars

Cash sales represented the largest share of all transactions in the first quarter in Flint, Mich.—comprising 61.8% of all home sales, according to ATTOM Data Solutions’ findings. Detroit, Mich., had the next highest at 61.5% of sales, followed by Utica, N.Y. (54.8%); Naples, Fla. (54.4%); and Ann Arbor, Mich. (53%).

Several housing markets are seeing a rapid increase in the number of cash sales in their markets. The following chart shows the housing leaders with the largest upticks.

A bar chart showing the increase in cash sales in 10 U.S. metros.

On the other hand, the markets where cash sales comprised the smallest share of transactions in the first quarter were: Kennewick, Wash. (17.2%); Augusta, Ga. (17.9%); Lincoln, Neb. (18.1%); Washington, D.C. (19.4%); and San Jose, Calif. (19.4%).

Source: 

Top 10 U.S. Metros Where Cash Home Sales Are on the Rise,” ATTOM Data Solutions (April 29, 2022)

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Buyers Facing Less Competition From Cash Buyers

Buyers Facing Less Competition From Cash Buyers

The percentage of cash sales fell to 33 percent of total home sales in June, marking the lowest share since September 2008, CoreLogic reports. A year ago, cash sales stood at 36.3 percent of the market; they have been falling steadily since January 2013.

Historically, cash sales make up about 25 percent of total home sales, according to data prior to the housing crisis. In 2011, cash sales peaked at 46.2 percent of sales nationwide, CoreLogic reports.

Buyers are using cash mostly to purchase real estate–owned properties, or REOs. Fifty-five percent of REOs are all-cash transactions, followed by nearly 33 percent of resales, about 32 percent of short sales, and 16 percent of newly built homes.

The following states had the largest share of cash sales in June, according to CoreLogic:

  • Florida: 50.9%
  • Alabama: 48.1%
  • New York: 44.6%
  • Kentucky: 40.1%
  • Nevada: 40%

At a metro level, Cape Coral-Fort Myers, Fla., had the highest number of cash sales at 61.2 percent in June. On the other hand, Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest share of cash sales at 15.6 percent, among the 100 metros tracked.

Source: “Cash Sales Accounted for One in Three Home Sales in June,” HousingWire (Sept. 9, 2014)

 

My two cents. Now that the market has cooled and in the Bay Area we have exceeded 2007 prices, we’ve seen a cooling off on cash buyers since prices have steadily risen. But as the busy months pass and we enter the holidays – I wouldn’t be surprised to see an influx of cash buyers while the market is a bit slower.

 

I read this article at: http://realtormag.realtor.org/daily-news/2014/09/10/buyers-facing-less-competition-from-cash-buyers?om_rid=AACmlZ&om_mid=_BUEI4dB88V4GC6&om_ntype=RMODaily

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