US property sales see biggest monthly increase Continued ... He said, “Home prices are accelerating rapidly in these markets thanks to the combination of low supply and strong demand. However, counter to the national trend, sales volume in these markets is down even as the percentage of cash sales rises, indicating there is still strong demand but that buyers who need financing to purchase are increasingly left out in the cold. “The recent uptick in interest rates could also be contributing to a higher percentage of cash purchases as some non cash buyers can no longer afford to buy, particularly in high priced markets.” All cash purchases nationwide accounted for 40 per cent of all sales of residential property in July, up from 35 per cent of all sales in June and up from 31per cent of all sales in July 2012. Among the nation’s 20 largest metro areas, those with the biggest month on month jumps in cash sales were Dallas up 82 per cent, St. Louis up 66 per cent, Los Angeles up 32 per cent, Riverside-San Bernardino in Southern California up 26 per cent, Seattle up 21 per cent and Phoenix up 21 per cent.
Posted on: Wed, 04 Sep 2013 08:16:09 +0000
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