Cash sales accounted for 31.7% of total home sales in the Greenville-Anderson-Mauldin MSA in December 2016, a five percentage point decrease compared with December 2015. The cash sales share in Greenville-Anderson-Mauldin was lower than the 33.1% national rate for December 2016, according to data company CoreLogic.
The national cash sales rate is down 1.3 percentage points year over year from December 2015. For the full-year 2016, the cash sales share was 32.1 percent, 2.2 percentage points below the full-year 2015 share, and the lowest annual cash sales share since 2007 when it was 27%, according to the CoreLogic report. The cash sales share peaked in January 2011 when cash transactions accounted for 46.6% of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. If the cash sales share continues to fall at the same rate it did in December 2016, the share should hit 25% by mid-2019.
New York had the largest cash sales share of any state at 47.9%, followed by New Jersey (47.6%), Alabama (46.1%), Michigan (44.3%) and Florida (42.1%).
Also from CoreLogic:
- Real-estate owned sales had the largest cash sales share in December 2016 at 61.1%.
- Short sales had the next highest cash sales share at 34.2%, followed by resales at 33% and newly constructed homes at 16.7%.
- The full-year distressed sales share for 2016 was 8.9%, the lowest annual distressed sales share since 2007 when it was 6%.
Real-estate owned sales made up 5.8% and short sales made up 2% of the national distressed sales share in December 2016. The distressed sales share of 7.8% in December 2016 was the lowest distressed sales share for any month since October 2007, the report said.
All but nine states recorded lower distressed sales shares in December 2016 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 17.9% in December 2016, followed by Connecticut (17.6%), Michigan (15.8%), New Jersey (15.5%) and Illinois (13.6%). North Dakota had the smallest distressed sales share at 1.3%. While some states stand out as having high distressed sales shares, only North Dakota, Utah and the District of Columbia are close to their pre-crisis levels. each within one percentage point, according to the report.