Cash sales 32.5% of home sales in January in R.I.

CASH SALES comprised 32.5 percent of total home sales in Rhode Island in January, a decrease from 34.6 percent reported during the prior year period, according to data released Thursday by CoreLogic. / COURTESY CORELOGIC
CASH SALES comprised 32.5 percent of total home sales in Rhode Island in January, a decrease from 34.6 percent reported during the prior year period, according to data released Thursday by CoreLogic. / COURTESY CORELOGIC

PROVIDENCE – Cash sales comprised 32.5 percent of total home sales in Rhode Island in January, a decrease from 34.6 percent reported during the prior year period, according to data released Thursday by CoreLogic.
Rhode Island’s cash sale decline is following the nationwide pattern, as cash sales made up 38.9 percent of total U.S. home sales in January, a decrease from 41.4 percent in January 2014.

The year-over-year share has fallen each month since January 2013, making January 2015 the 25th consecutive month of declines, CoreLogic said.
The cash sales share peak was in January 2011 when those transactions made up 46.5 percent of total home sales in the country.
Before the housing crisis, the cash sales share averaged approximately 25 percent. CoreLogic said if cash sales continue to fall at the same rate, the share should decrease to 25 percent in mid-2018.
Nationwide, real estate-owned sales had the largest cash sales share in January 2015 at 60 percent, followed by short sales at 34.5 percent, re-sales at 38.5 percent and newly constructed homes, 17.3 percent.
Florida had the largest cash sales share of any state at 56.3 percent, followed by Alabama (54.7 percent), New York (48.2 percent), Indiana (47.4 percent) and Missouri (47 percent).
Of the nation’s largest 100 core-based statistical areas, Detroit-Dearborn-Livonia, Mich. had the highest share of cash sales at 65.6 percent. Washington-Arlington-Alexandria, D.C.-Va.-Md. had the lowest cash sales share at 16.2 percent.

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