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Cash Sales Remain Steady in August

by James F. McClister

Cash investors continue to stay away from the real estate market, keeping cash sales relatively low.

Cash sales remain steady in the month of August, according to a new report from CoreLogic.

Though the market is continue to shed its cash investors, who are leaving for more secure investments, a small injection of cash has actually pushed the total share of cash sales up 1 percent to 33.8 percent.

Year-over-year, August sales represent a nearly 3 percent drop, lending further credence to claims that the market is beginning to find its long-term balance. Still, share of cash sales remain well over the 25 percent common before the economic downturn.

At 56.9 percent, REO sales had the largest cash sales share followed by re-sales at 33.4 percent and short sales at 31.8 percent.

In Illinois, cash sales remain slightly below national levels at 31 percent, up 2 percent since July.

Check out our graph below to see how we compare:

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