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August 25, 2016

Greater Hartford cash share of home sales declines

Greater Hartford cash home sales dropped by 6 percentage points to 23 percent in May compared with a year ago, CoreLogic reported Thursday.

The cash sales share in the Hartford-West Hartford-East Hartford metro region was lower than the 30-percent national average. The U.S. rate was down 2.5 percentage points in May compared to May 2015.

For the first five months of 2016, the cash sales share averaged 33 percent nationally, the lowest start to any year since 2008.

The cash sales share had peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally. Before the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in May 2016, the share should hit 25 percent by mid-2018, CoreLogic said.

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