Cash sales once again trended down, accounting for 33.7% of total home sales in April 2015, down from 37.4% in April 2014.
This marks the 28th consecutive month of declines, with the year-over-year share falling each month since January 2013.
On a monthly basis, the cash sales share fell by 0.9 percentage points. Due to seasonality in the housing market, cash sales share comparisons should be made on a year-over-year basis.
To put this in perspective, CoreLogic said, “The cash sales share peak occurred in January 2011 when cash transactions accounted for 46.5% of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent. If the cash sales share continues to fall at the same rate it did in April 2015, the share should hit 25 percent by mid-2017.”
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Source: CoreLogic
Click to enlarge
Source: CoreLogic
