Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic (CLGX).
The year-over-year share has fallen each month since January 2013. Month over month, the cash sales share fell by 0.7 percentage points in June 2015 compared with May 2015.
The cash sales share peaked in January 2011 when cash transactions made up 46.5% of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. If the cash sales share continues to fall at the same rate it did in June 2015, the share should hit 25% by mid-2017.
June’s drop follows a bigger drop in May. Cash sales made up 31.9% of total home sales in May 2015, down from 35.1% in May 2014, according to CoreLogic.
Real estate-owned sales had the largest cash sales share in June 2015 at 57% and was the only sales category to see a year-over-year increase in the cash sales share. Resales had the next highest cash sales share at 30.8%, followed by short sales (28.7%) and newly constructed homes (15.6%).
New York had the largest share of any state at 47%, followed by Florida (45.8%), Alabama (44.8%), New Jersey (40.7%) and Oklahoma (39.6%).