The share of all-cash home purchases in North Port-Sarasota-Bradenton was down in May over the same period last year and sits at 55.9 percent, a 7.2 percentage point decrease compared with May 2014, according to a report by Core Logic. But the cash sales share in North Port-Sarasota-Bradenton was higher than the 31.9 percent national rate.
Nationally, all-cash purchases (no mortgage financing) were down from 35.1 percent in May 2014. The year-over-year share has fallen each month since January 2013, making May 2015 the 29th consecutive month of declines. Month over month, the cash deals share fell by 1.7 percentage points in May 2015 compared with April 2015. Due to seasonality in the housing market, cash-purchase share comparisons should be made on a year-over-year basis.
The cash-purchase share peaked in January 2011, when they made up 46.5 percent of total home sales nationally. Prior to the housing crisis, the share of total home transactions averaged approximately 25 percent. If the cash-purchase share continues to fall at the same rate it did in May 2015, the share should hit 25 percent by mid-2017, Core Logic predicts.
