According to a new report by CoreLogic, cash sales accounted for 30 percent of total U.S. home sales in May 2016, down 2.5 percentage points year over year from May 2015. On a month-over-month basis, the cash sales share fell by 1.7 percentage points in May 2016 compared with April 2016. For the first five months of 2016, the cash sales share averaged 33 percent, the lowest start to any year since 2008. 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. If the cash sales share continues to fall at the same rate it did in May 2016, the share should hit 25 percent by mid-2018.

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