Cash sales 30% of home sales in December in R.I.

CASH SALES made up 30.3 percent of total home sales in Rhode Island in December, a 1.8 percent increase compared with the 29.7 percent share reported in December 2013, according to CoreLogic. Cash sales were highest in Alabama at 52.2 percent. / COURTESY CORELOGIC
CASH SALES made up 30.3 percent of total home sales in Rhode Island in December, a 1.8 percent increase compared with the 29.7 percent share reported in December 2013, according to CoreLogic. Cash sales were highest in Alabama at 52.2 percent. / COURTESY CORELOGIC

(Updated 2:48 p.m.) PROVIDENCE – Cash sales made up 30.3 percent of total home sales in Rhode Island in December, a 1.8 percent increase compared with the 29.7 percent share reported in December 2013, according to CoreLogic.
For the Providence-Warwick metropolitan area, cash sales made up 32.4 percent of total home sales in December, an increase from 29.9 percent in December 2013.
Data for Rhode Island and the Providence-Warwick metro area failed to reflect national patterns for cash sales, as cash sales made up 35.5 percent of total home sales in December, a decrease of 38.5 percent from the prior year period. Nationally, the year-over-year share has fallen each month since January 2013, making December the 24th consecutive month of declines.
Nationally, the peak occurred in January 2011 when cash transactions comprised 46.5 percent of total home sales. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. Should the cash sales share continue to fall at the same rate that it did in December 2014, the share should reach 25 percent in mid-2017, CoreLogic said.
Nationally, real estate-owned sales had the largest cash sales share in December 2014 at 58.4 percent, followed by re-sales at 35.4 percent, short sales at 32.7 percent and newly constructed homes, 15.6 percent. When the cash sales share was at its peak four years ago, REO sales made up 23.9 percent of total sales, according to CoreLogic.
Five states with the largest cash sales share were: Alabama at 52.2 percent, followed by Florida, 50.3 percent; New York, 45.9 percent; Michigan, 44.6 percent; and Idaho, 42.9 percent.
Of the nation’s largest 100 core-based statistical areas measured by population, Detroit-Dearborn-Livonia, Mich. had the highest share of cash sales at 65.9 percent, followed by Miami-Miami Beach-Kendall, Fla., 58.3 percent; West Palm Beach-Boca Raton-Delray Beach, Fla., 57.2 percent; Fort Lauderdale-Pompano Beach-Deerfield Beach, Fla., 56.3 percent; and Cape Coral-Fort Myers, Fla., 55.6 percent. Syracuse, N.Y., had the lowest cash sales share at 15 percent.

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