June 2016 marks the first time the cash sales share has been below 30 percent since late 2007.
The cash sales share peaked in January 2011 when cash transactions accounted for 46.6 percent of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25 percent.
According to CoreLogic’s most recent Cash Sales Report, if the cash sales share continues to fall at the same rate it did in June 2016, they predict the share will hit 25 percent by mid-2018.
Of the nation’s largest 100 Core Based Statistical Areas (CBSAs) measured by population, Detroit-Dearborn-Livonia, Mich. had the highest cash sales share at 56.55, followed by West Palm Beach-Boca Raton-Delray Beach, Florida at 49.3%, Miami -Miami Beach-Kendall, Florida at 47.95, North Port-Sarasota-Bradenton, Florida at 47.7%, and Cape Coral-Fort Myers, Florida at 46.1%. The report notes that Syracuse, New York had the lowest cash sales share at 12.6%.