CoreLogic report shows widespread drops in cash sales.
Cash sales continued to drop in November, according to a new report from CoreLogic, which found an increasingly significant portion of all-cash buyers leaving the market, particularly investors.
Ebbing closer to pre-crisis levels, year-over-year cash sales dropped more than 2 percentage points from 38.8 to 36.1 percent, the report read. The most recent decline is only a small step in a much larger trend that’s seen cash sales tumble from their 46.4 percent share peak in January 2011. November’s drop represents 23 months of consecutive decreases.
On a month-to-month basis, cash sales ticked up slightly from 35.5 percent.
In Massachusetts, the relevance of cash continued to dwindle as investors leave the market for more dependable gains. At 24 percent, the share of cash sales is now below national pre-crisis levels, which puts the state in prime position to continue building a healthy base. Unfortunately, Boston’s ongoing battle with affordability is another story.
NAR researchers expect cash sales to return to pre-crisis levels sometime in 2017.
To see how our state compares, check out our graph below!