Cash deals accounted for 28.9% of all Southern California home sales in January, MDA DataQuick reported, the highest level in the 22 years that the research firm has been tracking the region’s housing market.
In addition, DataQuick reported:
| County | Median price | Vs. 2009 | Sales | Vs. 2009 |
|---|---|---|---|---|
| Los Angeles | $325,000 | 8.3% | 5,228 | 15.4% |
| Orange | $425,000 | 14.9% | 1,867 | 3.4% |
| Riverside | $195,000 | 0.0% | 3,162 | -4.8% |
| San Bernardino | $150,000 | -7.4% | 2,252 | -11.1% |
| San Diego | $305,000 | 8.9% | 2,322 | -5.6% |
| Ventura | $360,000 | 7.5% | 530 | -8.3% |
| SoCal | $271,500 | 8.6% | 15,361 | 0.9% |
- All-cash transactions accounted for an average of 13.9% of all home purchases since 1988, DataQuick reported.
- Such transactions trended upward in recent months, however, due to the continued impact of the credit crisis and competition among homebuyers for lower-priced homes.
- In addition, home sellers tend to prefer all-cash deals to avoid the risk that a lender’s appraisal will kill the sale by coming in lower than the purchase price.
- DataQuick tracks the number of buyers who appear to be paying cash for a home by counting the number of transactions in which there are no records of a purchase loan.
- DataQuick reported also that home flipping trended higher in January, when 3.5% of the homes sold had been through a prior transaction within the previous six months.
- Regionwide, median home prices were $271,500, up 8.6% last month from the year before but down 6.1% from December.
- Southern California recorded 15,361 home sales , up 0.9% from the year before but down 31.2% from the previous month.
Prices and sales typically fall in January, when deals from the holiday season close escrow.
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