IE Business Daily Business news for the Inland Empire.
Cash sales of single-family homes in the Inland Empire dropped slightly in January, according to data released Friday.
Twenty seven point six percent of all homes sold in Riverside and San Bernardino counties during the first month of 2016 were cash transactions, down 1.5 percent year-over-year, Irvine-based CoreLogic reported.
That was well below the national rate, which was 35.5 percent. Nationwide, cash sales peaked in January 2011, when they accounted for 46.6 percent of all home sales.
Before the recession hit, cash sales accounted for approximately 25 percent of all home sales. At the present rate, cash sales will return to 25 percent by middle of next year, according to CoreLogic stated.
Housing analysts watch cash sales carefully because they’re considered an indication of the level of investment buyers in the market.
