Cash sales made up 37.9% of total home sales nationally in February 2015, down from 40.6% in February 2014, according to latest data released from CoreLogic (CLGX).
Year-over-year, shares have fallen each month since January 2013, making February 2015 the 26th consecutive month of declines.
Meanwhile, on a monthly basis, the cash sales share fell by only 1 percentage point.
Cash sales share comparisons should be made on a year-over-year basis due to seasonality in the housing market due to seasonality in the housing market.
To help put it into perspective, the cash sales share peak occurred in January 2011 when cash transactions made up 46.5% of total home sales nationally. Before the housing crisis, the cash sales share of total home sales averaged approximately 25%.
If the cash sales share continues falling at the same rate it did in February 2015, the share should decrease to 25% by mid-2018.
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Source: CoreLogic
Click to enlarge
Source: CoreLogic
