IE Business Daily Business news for the Inland Empire.
Thirty eight point nine percent of all single-family home sales in the United States during January were cash transactions, according to data released Thursday.
That was down from 41.4 percent in January 2014, a 2.5 percent drop and the 25th consecutive month of year-over-year declines, according to Irvine-based CoreLogic, a property information and analytics company.
Month-over-month, the news was a little better: cash sales were up 3.2 percent, but that’s a typical increase between the first and second month of the year, CoreLogic noted.
In the Inland Empire, where the housing market is still struggling to find its footing, cash transactions made up 31 percent of all home sales in January, down from 33.9 percent in January 2014.
Cash sales hit their peak in January 2011, when cash sales made up 46.5 percent of the market. If the recent trend continues, the share of cash sale nationwide is expected drop to about 25 percent by mid-2018, about where it was before the housing crisis hit, according to CoreLogic.
