Cash sales, while still a prevalent portion of total sales, continue inching closer and closer to pre-crisis levels, according to CoreLogic.
Cash sales continue ebbing closer and closer to pre-crisis levels, according to CoreLogic’s recent June sales report.
Nationally, sales have dropped dramatically year-over-year. Since June 2013, the portion of total sales completed in all-cash have dropped 36.2 percent to 33 percent overall – the lowest share since September 2008.
Since January, year-over-year cash sales have fallen each month. However, while drops have been drastic, the share of cash sales remains well above pre-crisis levels, which averaged approximately 25 percent. The slow, downward trajectory suggests the industry may be heading towards a more balanced market, which is something professionals have been clamoring for since the bursting of the housing bubble.
In Texas, cash sales maintain a significant presence in the market, but, like the nation, are dwindling. In June, cash sales in the state dropped just below 30%, inching closer and closer to pre-crisis levels.
Check out our graph below to see how other states compare: