Cash sales continue a downward trend in Chicago, similar to pace with the rest of the country. According to a newly released report from CoreLogic, real estate cash sales were down to 36.4-percent, nationwide, in October. As for Chicago cash sales, they made up 29.3-percent of total sales in the city during the same time period.
That’s down about four-percent from the previous year. It’s expected that cash sales will continue to steadily decline, putting Chicago cash sales in line to hit the 25-percent mark ahead of the nation, when taken as a whole.
The 25-percent standard is the “healthy standard”, which was set in regards to cash transactions prior to the 2007 real estate downturn. It’s expected that total shares of cash sales nationwide will return to more normal numbers before we reach mid 2018, though. That’s when the experts had previously predicted the share to hit 25-percent.
Cash sales have continued to go down over the past five years. Cash sales peaked at 46.6-percent of nationwide total home sales in the beginning of 2011.