Housing report: Q2 cash sales up over last year
The percentage of all-cash home sales continues to rise both regionally and nationally, according to second-quarter data from California-based RealtyTrac Inc.
In the Harrisburg-Carlisle metropolitan area, 31.2 percent of home sales were cash deals. That was up from 29.4 percent in the first quarter and 24.4 percent in the second quarter of 2013, according to RealtyTrac.
In Lancaster County, cash sales accounted for 28.4 percent of total sales in the second quarter. That was down from 32 percent in the first quarter but up from 26.7 percent in the same quarter last year.
Nationally, the trend was similar. RealtyTrac reported that all-cash deals accounted for 37.9 percent of second-quarter home sales, which was down from a three-year high of 42 percent in the first quarter. However, it was up from 35.7 percent a year ago.
In Pennsylvania, cash deals totaled 42 percent of quarterly sales, which was down from 45.2 percent in the first quarter but up from 33.5 percent a year ago, according to RealtyTrac.
Cash sales represented 63 percent of bank-owned sales in Pennsylvania and 70 percent of sales of properties in the foreclosure process. In the U.S. those percentages were 49 percent and 61 percent, respectively.
The percentage of institutional investors — entities that purchase at least 10 properties in a calendar year — was down to 4.7 percent in the U.S. Institutional investors accounted for 5.3 percent of the market in the first quarter and 5.8 percent a year ago, according to RealtyTrac.
Locally, they made up 3 percent of second-quarter home sales in Harrisburg-Carlisle, which was up from 1.2 percent last year. In Lancaster County, institutional investors accounted for just 0.3 percent of home sales, which was down from 2.7 percent last year, according to RealtyTrac.