All cash home sales dip in Dayton area

A house for sale along South Fountain Ave. in Springfield. The share of homes purchased by all-cash buyers dipped slightly last fall, indicating a healthier housing market, experts said. Bill Lackey/Staff

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A house for sale along South Fountain Ave. in Springfield. The share of homes purchased by all-cash buyers dipped slightly last fall, indicating a healthier housing market, experts said. Bill Lackey/Staff

The number of all-cash home sales declined slightly in the Dayton area last year, and indication that fewer sellers are being forced to accept offers substantially less than market value to sell their homes.

RELATED: Local housing markets among "healthiest" in Ohio

All cash sales accounted for 33.2 percent of all transactions in the Dayton metro area in October 2016 — the most recent month for which figures were available — representing a 1.7 percentage point decline from October 2015, CoreLogic, a real estate research and consulting firm, reported Wednesday.

While the percentage of cash sales in Dayton was higher than the 31.8 percent national rate in October, the local housing market is narrowing the gap from the share of cash sales prior to the housing crisis, which averaged about 25 percent of total home sales nationally, according to CoreLogic.

If the cash sales continue to fall at the same rate as October, the share should hit 25 percent by mid-2018, CoreLogic said.

RELATED: Dayton-area home sales reach record in 2016

Last year was the best year on record in the Dayton area for sales of existing homes, which jumped 10 percent from 2015 to a new annual sales record of 16,079, the Dayton Area Board of Realtors reported Tuesday. The average sales price also hit a new record for December, climbing 2.8 percent to $138,101, according to the board.

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