Is the greater Cincinnati real estate market keeping pace with national averages of homes selling for cash?
CoreLogic reports “… Cash sales made up 34.8 percent of total home sales in September 2014, down from 37.2 percent in September 2013. The year-over-year share has fallen each month since January 2013, making September the 21st consecutive month of declines. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. The peak occurred in January 2011 when cash transactions made up 46.4 percent of total home sales”.
Buyers used cash most often when purchasing REO properties – usually investors going after the best deals.
Ohio is slightly ahead of the national average:
Cincinnati cash buyers are keeping pace when it comes to purchasing condos but falling below national and Ohio averages paying cash for single family homes. According to the Multiple Listing Service of Greater Cincinnati– the percentage of homes and condos selling for cash- comparing September 2013 to 2014.
The local real estate market is following the more traditional pattern with buyers applying for mortgages to finance to purchases.