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May 19, 2016

CT’s share of cash home sales below average

PHOTO | HBJ File Connecticut's cash sales as a percentage of home sales continues to drop.

In Feb. 2016, Connecticut was well below the national average for cash sales as a percentage of total home sales.

Connecticut’s cash sales represented 29 percent of all home sales that month, according to property analytics firm CoreLogic. That’s down from 36 percent in Feb. 2015 and up from 28 percent in Jan. 2016.

Nationally, cash sales accounted for 35.7 percent of total home sales in February, down from 38.1 percent a year ago.

For the first two months of 2016, the national cash sales share averaged 35.6 percent, the lowest start to any year since 2008, CoreLogic said. The national cash sales share peaked in Jan. 2011 at 46.6 percent.

Prior to the housing crisis, cash sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in Feb. 2016, the share should hit 25 percent by mid-2018, CoreLogic said.

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