Cash sales accounted for 40.6 percent of all Florida home sales in June, according to CoreLogic, ranking the state No. 3 nationwide after only New York (45.3 percent) and Alabama (44.6 percent).
Among metro areas, Detroit-Dearborn-Livonia, Mich., had the highest cash sales share at 56.5 percent, but Florida cities rounded out the top five markets:
- West Palm Beach-Boca Raton-Delray Beach was second at 49.3 percent
- Miami-Miami Beach-Kendall was third at 47.9 percent
- North Port-Sarasota-Bradenton was fourth at 47.7 percent
- Cape Coral-Fort Myers was fifth at 46.1 percent.
The high all-cash Florida metro areas were generally crushed by the housing bubble implosion.
Nationwide, cash sales accounted for 29.3 percent of all sales, a number that is approaching pre-housing bubble levels. The number averaged about 25 percent prior to the crisis.
“If the cash sales share continues to fall at the same rate it did in June 2016, the share should hit 25 percent by mid-2018,” says CoreLogic.
News Source: Corelogic.