Fewer single-family homes in the Tacoma area were bought with cash in July compared with the same time a year ago, data released Friday show, tracking a similar nationwide decrease.
Still, almost 1 in 5 homes in July were bought with cash. Those sales made up 18.9 percent of all home sales in the Tacoma-Lakewood area in July, down 3 percent from the same month a year ago, according to data from CoreLogic, a national data and analytics firm. Cash sales fell by the same percentage in the Seattle-Bellevue-Everett area but were still higher overall, at 20.1 percent of all home sales in July. Details for Olympia were not available.
Nationally, cash sales were almost 31 percent of home sales compared with 34.2 percent last year.
“The cash sales share peaked in January 2011, when cash transactions made up 46.5 percent of total home sales nationally,” according to CoreLogic’s news release. Before the housing crash, the share of cash sales averaged approximately 25 percent.
Alabama, Florida and New York still have cash sales rates in the 40 percent bracket. Maryland has the lowest percentage at 17 percent, followed by Massachusetts at 19 percent.
If the cash sales share continues to fall at the same rate it did in July 2015, the release notes, the share should hit 25 percent by mid-2017.