Cash sales decrease as share of housing market

The percent of cash sales for all home purchases declined for the 26th consecutive month in February, according to CoreLogic, which is indicative that the housing market continues to move toward what used to be normal times.

Cash sales share peaked at 46.5 percent in January 2011 as investors scooped up properties from a flood of foreclosures and short sales created by the stock market nosedive three years earlier.

In February, the share was down to 37.9 percent, a nearly three-point decrease from January 2014, CoreLogic reported. Prior to the housing crisis, cash sales averaged a 25 percent share of all home sales.

CoreLogic predicted that the share of cash sales should once again reach that mark if declines continue at the same pace as are now being seen.

CoreLogic, which reports on real estate nationwide, said that cash sales share in February ranged from a high of 55 percent of all home sales in Florida to a low of 19 percent in Maryland.

South Carolina reported 37 percent of February home sales were for cash.

This story was originally published May 13, 2015 at 10:49 AM with the headline "Cash sales decrease as share of housing market."