Cash sales accounted for 36.4 percent of total home sales in November 2015, down 0.7 percent year over year. In November 2014, cash sales totaled 37.1 percent, and month-over-month cash sales increased by 2.5 percent from October to November. The year-over-year decrease was the lowest in almost three years. The elevated cash share for November was most likely related to the new federal mortgage rules that took effect in October 2015. The cash sales peaked in January 2011 at 46.6 percent. Prior to the housing crisis, the cash share of total home sales averaged about 25 percent.
Wednesday, July 27, 2016
Cash sales on homes continue to decline
Source: HousingWire
Cash sales accounted for 36.4 percent of total home sales in November 2015, down 0.7 percent year over year. In November 2014, cash sales totaled 37.1 percent, and month-over-month cash sales increased by 2.5 percent from October to November. The year-over-year decrease was the lowest in almost three years. The elevated cash share for November was most likely related to the new federal mortgage rules that took effect in October 2015. The cash sales peaked in January 2011 at 46.6 percent. Prior to the housing crisis, the cash share of total home sales averaged about 25 percent.
Cash sales accounted for 36.4 percent of total home sales in November 2015, down 0.7 percent year over year. In November 2014, cash sales totaled 37.1 percent, and month-over-month cash sales increased by 2.5 percent from October to November. The year-over-year decrease was the lowest in almost three years. The elevated cash share for November was most likely related to the new federal mortgage rules that took effect in October 2015. The cash sales peaked in January 2011 at 46.6 percent. Prior to the housing crisis, the cash share of total home sales averaged about 25 percent.
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