Massachusetts’ balanced market remains the envy of states the nation over.
All-cash sales in Massachusetts comprised just 24 percent of total home purchases in August 2014, according to the latest data from CoreLogic.
Though that actually represents a 4 percentage point increase from July 2014, when all-cash sales made up 20 percent of sales, Massachusetts still boasts one of the lowest all-cash shares in the nation; indeed, only Minnesota, Virginia and Maine had lower percentages. A large part of Massachusetts’ low all-cash sales is no doubt the state’s nearly non-existent distressed sales market – as we earlier reported, distressed sales make up just 5 percent of sales in the state.
And of course, Massachusetts remains far below the national average; from July to August, a small injection of cash has actually pushed the total share of cash sales up 1 percent to 33.8 percent, though year-over-year, August sales represent a nearly 3 percent drop, lending further credence to claims that the market is beginning to find its long-term balance. Still, share of cash sales remain well over the 25 percent common before the economic downturn.
For additional perspective, check out our graph below: