Fewer people are buying homes in Fresno County with cash.
A second quarter institutional investor and cash sales report from RealtyTrac, an online property data company, shows cash sales accounted for nearly 33% of all single-family home and condominium sales in Fresno, down from nearly 34.7% during the first quarter. Last year, during the same time, cash sales made up nearly 38% of all sales.
Kings and Madera counties saw big decreases in cash sales year over year. In Kings County, 26.6% of all sales were made in cash compared to 40.3% the year before. About 34.3% of all sales in Madera County were made in cash compared to 45% during the second quarter in 2013.
“The good news is that fewer cash buyers should help loosen up inventory of homes for sale and reduce competitive bidding, giving first time homebuyers and other non-cash buyers more opportunities,” said Daren Blomquist, vice president. “The bad news is that some of those first time homebuyers and other non-cash buyers may already be priced out of the market thanks to the rapid run-up in home prices over the past two years in many areas.”