According to an article posted on Bizjournal found here:
Statewide, cash sales in North Carolina were an average 34 percent in June 2016 compared to a 32 percent cash sales percentage the year before.
Interesting enough, that’s the opposite trend of what’s happening in much of the rest of the U.S. after records of home cash sales in hit a record low for the year in June. Nationally, about 29.3 percent of total home sales were tallied as cash sales – down 2.5 percentage points from the year prior.
“These numbers are amazing to me,” says Scott Hoyt, managing director at ChangingStreets.com, a Raleigh-based real estate company, and a former mortgage banker. “My agent experience and hunch – not data backed – is that there are two factors at work.”
Hoyt says one factor that could be boosting the number of cash sales in [North Carolina] is that many of the transplants moving into the region are relocating from other areas with very high housing costs. “People can come here and purchase a similar home for the equity they had in Washington DC, Brooklyn, Boston or San Diego essentially ‘down costing’ as opposed to ‘down sizing’,” he says.
A second possible factor is increased interest level from real estate investors seeking properties in North Carolina, specifically the Triangle and Charlotte areas, for quick flips or to convert into rental properties. In those instances, investors are not seeking a traditional mortgage loan. “This would be very prevalent on the lower end of the price range,” Hoyt says.
Nationally in June, New York had the largest cash sales share of any state at 45.3 percent, followed by Alabama at 44.6 percent, Florida at 40.6 percent, Oklahoma at 38.6 percent and Indiana at 35.7 percent.
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