Even though the article is focusing on the decline in all cash deals, it’s pretty amazing that 25% nationally is still all cash. I don’t feel that ratio is that high in Fremont. I see very few all cash deals currently.
All-Cash Share of U.S. Home Purchases Drops in May
RealtyTrac released its May 2015 U.S. Home & Foreclosure Sales Report, which shows 24.6 percent of all single family home and condo sales in May were all-cash purchases, down from 28.5 percent in the previous month and down from 30.4 percent a year ago to the lowest level since November 2009.
The cash sales share in May was close to its long-term average going back to January 2000 of 24.8 percent and well below its recent peak of 42.2 percent in February 2011. The share of institutional investors — entities purchasing at least 10 properties in a calendar year — dropped to 2.4 percent of single family home sales in May, a record low going back to January 2000, the earliest month with data available.
The median sales price of residential properties — including both distressed and non-distressed properties — that sold in May was $173,900, up 4 percent from the previous month but down 1 percent from a year ago. May was the second consecutive month where median sales prices nationwide were down on a year-over-year basis following 36 consecutive months of year-over-year increases.
- Sunil Sethi
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