New CoreLogic report reveals another month of dwindling cash sales, but some states are maintaining high cash sales volumes.
Cash sales in the U.S. were down in May, according to a new report from CoreLogic.
Falling to their lowest levels since May 2010, data revealed that year-over-year all cash purchases have fallen a staggering 37.4 percent. While the number of cash sales also fell nearly 37 percent month-over-month, CoreLogic pointed out that the season nature of the housing market it made the revelation less relevant.
Despite falling so rapidly and steadily since January 2013, it’s important to realize that today’s national average is still a far cry from pre-crisis levels, which averaged about 25 percent. At their peak in January 2011, all cash transactions made up more than 46 percent of total home sales.
In Texas, CoreLogic reported all cash sales in May made up 30 percent of all sales, just shy of the national average. Check out our graph below to see how other states compare: