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I tend to take any data from NAR with a grain of salt.
I would prefer other data source and curious how much of these purchases was cash transaction?
Anybody has ballpark numbers ?
Thanks.
RealEstateIsBetterThanStocks
2012 Dec 20, 7:33am
last year cash purchases made up 38% of the sales:
http://www.dsnews.com/articles/study-finds-38-of-homes-purchased-in-2011-bought-with-cash-2011-12-23
but investors made up 12% of the sales in October. so this means a lot of current homeowners are paying cash as well. most of these are probably the ones who sold at the top during the last bubble:
"In October, current homeowners made up 54.2% of non-distressed sales, a jump from 50% in June. And investors made up 12.2% of sales, higher than 11.3% during the same period."
http://finance.fortune.cnn.com/2012/11/27/first-time-homebuyers-housing-market/
"Sales of previously owned homes rose more than forecast in November to reach a three-year high as lower borrowing costs sustained the U.S. housing rebound.
Purchases of existing houses increased 5.9 percent to a 5.04 million annual rate, the most since November 2009, the National Association of Realtors reported today in Washington. The median forecast of 82 economists surveyed by Bloomberg projected an increase to a 4.9 million rate. Property values climbed 10.1 percent over the past 12 months as inventories dropped to the lowest level in 11 years.
Compared with a year earlier, purchases increased 15.5 percent before adjusting for seasonal variations.
The number of previously owned homes on the market dropped to 2.03 million, the fewest since December 2001. At the current sales pace, it would take 4.8 months to sell those houses, the lowest since September 2005, compared with 5.3 months at the end of October."
http://www.bloomberg.com/news/2012-12-20/sales-of-existing-u-s-homes-climb-to-three-year-high.html
#housing