While cash sales may be on the decline nationally, compared to 2011 and 2012 when cash sales were at their peak. There are still areas in the housing market, where cash is king. ATTOM Data Solutions just released its Year-End 2018 Home Sales Report and in the vast sets of data mentioned in the report – home seller-gains, institutional investor sales, FHA sales, distressed sales, median sales prices, homeownership tenure and peak prices – the percent of cash sales are among those datasets. For a detailed home sales data analysis, click here.
In the report ATTOM Data discussed some metro areas where the share of all-cash purchases is among the highest in the nation. However, what about those metro areas that are bucking the national trend and seeing annual increases in the percent of cash sales. Nationwide all-cash purchases accounted for 27.8 percent of single-family home and condo sales in 2018, unchanged from 2017 but down from its peak in 2011 at 38.4 percent. However, this is still well above the pre-recession average of 18.7 percent between 2000 and 2007.
The following metro areas are those that have a population greater than 200,000 as well as having 100 or more cash sales in 2018. These top 20 metro areas also saw annual increases in the double digits. Some of those areas that stood out to us were – Phoenix, AZ (up 25 percent); Charlotte, NC (up 15 percent); Denver, CO (up 13 percent); Los Angeles, CA (up 11 percent); and San Diego, CA (up 10 percent).
Top 20 Metro Areas
Interested in seeing how cash sales are ranking in your area? Want data that is even more granular? Contact us now to see how we can service all your data needs and/or questions.
Report methodology
Data for the ATTOM Data Solutions U.S. Home Sales Report is derived from recorded sales deeds, foreclosure filings and loan data. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available for those previous months. Median sales prices are calculated based on the sales price on the publicly recorded sales deed when available. If no sales price is recorded then the purchase loan amount is used to calculate median price, and if no purchase loan amount is available, the property’s Automated Valuation Model (AVM) at time of sale is used to calculate the median price.
Definitions
All-cash purchases: sales where no loan is recorded at the time of sale and where ATTOM has coverage of loan data.
