The Greater Hartford region’s share of cash home sales dropped 4.6 percentage points for the month of July 2016 over the same period last year, and sits at 20.3 percent, CoreLogic reported Wednesday.
That’s lower than the 29.7 percent national rate, according to the property analytics firm. That national rate is down 1.9 percentage points year over year.
The cash sales are for distressed home sales as well as real estate-owned home sales.
Nationally, distressed sales accounted for 7.2 percent of all sales in July 2016, and REO sales accounted for 4.3 percent. The REO sales share in July was the lowest for any month since July 2007, CoreLogic said.
All but eight states recorded lower distressed sales shares in July 2016 compared with a year earlier. Maryland had the largest share of distressed sales of any state at 19.4 percent, followed by Connecticut at 18.6 percent and Michigan at 17.8 percent. Only North Dakota and the District of Columbia are close to their pre-crisis levels (each within one percentage point).
If the national cash sales share continues to fall at the same rate it did in July 2016, the share should hit 25 percent by mid-2018.
