Cash property sales declined to 20.3 percent in the Greater Hartford region in August, a 4.2 percentage point decrease compared with the same month last year, CoreLogic reported Tuesday.
That’s well below the 31.1 percent national rate, which fell 1.5 percentage points in August compared with the same time a year ago, the property analytics firm said.
Total cash sales include distressed property sales and real-estate-owned sales.
Prior to the housing crisis, the cash sales share of total home sales across the U.S. averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in Aug. 2016, the share should hit 25 percent by mid-2019.
All but eight states recorded lower distressed sales shares in Aug. compared with a year earlier. Maryland had the largest share of distressed sales of any state at 19.1 percent in Aug. 2016, followed by Connecticut at 18.5 percent and Michigan at 17.7 percent. North Dakota had the smallest distressed sales share at 2.6 percent.
