Connecticut cash home sales lag national average

By Kevin Zimmerman

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Newly released data reveals that cash home sales in the Bridgeport-Stamford-Norwalk area in January made up 28 percent of total home sales, compared with a national average of 35.5 percent.

The figures, provided by global property information, analytics and data-enabled services provider CoreLogic, represent a 6.0 percent decrease compared with January 2015. The national figure was also down, by 4.2 percent from January 2015’s 39.7 percent.

Alabama led the nation in cash sales share in January with 53.1 percent, followed by Florida (49.1 percent), New York (47.4 percent), Mississippi (45.8 percent) and West Virginia (45.8 percent).

The national cash sales share figure peaked in January 2011, when cash deals reached 46.6 percent.

Real estate-owned (REO) sales had the largest cash sales share in January 2016 at 59.8 percent, followed by resales (35 percent), short sales (31.7 percent) and newly constructed homes (17 percent). Although the percentage of all-cash REO transactions remained high, they accounted for just 7.8 percent of all sales in January 2016; in January 2011 the category recorded 23.9 percent of total home sales.


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