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Cash sales of Tampa Bay homes still strong but decline in May

Tampa Bay

Cash sales of homes decline

Cash sales of Tampa Bay homes slowed in May but still were far above the national average.

According to CoreLogic, 46.5 percent of sales were in cash, a 6.2 percentage point decrease from May 2014. Nationally, cash sales made up 31.9 percent of all home sales, dipping slightly from April and making May the 29th consecutive month of declines.

Investors and well-heeled retirees account for many cash sales, pushing out first-time home buyers who typically need financing.

Florida continued to lead the nation in May in the percentage of homes bought in cash at 47.8 percent, followed by New York and New Jersey, both at 45.8 percent. Among the nation's largest metro areas, the Palm Beach-Boca Raton area had the highest percentage of cash sales at 55.9 percent, followed by the Sarasota, Fort Myers, Detroit and Miami areas.

Times staff