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Housing

Cash Sales of Homes Highest in New York State

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By Douglas A. McIntyre Updated Published
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Cash Sales of Homes Highest in New York State

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CoreLogic keeps data on cash sales as a percentage of all home sales. In June, the number was an extraordinary 29.3% nationwide. Some states have numbers much higher than that. In New York state, the figure is 45.3%

The national number is approaching housing bubble levels:

Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in June 2016, the share should hit 25 percent by mid-2018.

Following New York, the largest percentages by state in June were Alabama (44.6%), Florida (40.6%), Oklahoma (38.6%) and Indiana (35.7%).

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The cash sales level among states is highest in one of the cities with the cheapest housing prices: Detroit-Dearborn-Livonia, Michigan, had the highest cash sales share at 56.5%.

The balance of the top cities were cities crushed by the housing bubble implosion: West Palm Beach-Boca Raton-Delray Beach, Florida, (49.3%), Miami-Miami Beach-Kendall, Florida, (47.9%), North Port-Sarasota-Bradenton, Florida, (47.7%) and Cape Coral-Fort Myers, Florida, (46.1%).

Cash Sales Share of Total Sales | Source: CoreLogic

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Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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