Cash sales drop in Tacoma-Lakewood home-sale deals
The share of homes sold for cash in the Tacoma-Lakewood fell in March when compared the same period last year. The current rate sits at 18.4 percent, a 4.7 percentage point decrease compared with March 2015, the real estate data analysis firm CoreLogic reported Thursday.
Nationwide, cash sales represented 33 percent of transactions in March, down 2.4 percentage points year-over-year and 2.8 percent since February.
In the first quarter, the cash-sales share averaged 34.7 percent, “the lowest start to any year since 2008,” CoreLogic reported.
“The cash sales share peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally,” the firm said in a release.
“Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. 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.”
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This story was originally published June 23, 2016 at 4:37 PM with the headline "Cash sales drop in Tacoma-Lakewood home-sale deals."