Cash sales, which dominated the market during the economic recession, are nearing normal levels in Chicago, according to a new report.
CoreLogic reported this week that cash sales in Chicago were at 27.9 percent in June, their lowest level yet and near the long-term trend line of about 25 percent. They declined 5 percentage points year-over-year.
Chicago is also doing better than the national average of 31.3 percent of total cash home sales in June. That is a decline from the high of 46.5 percent in January of 2011.
CoreLogic forecasts that the percentage will reach its normal level by the middle of 2017.
For more, head over to Chicago Agent Magazine here.