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 Illinois, cash sales maintain a significant presence in the market, but like the nation, are dwindling. In June, cash sales in the state made up 31 percent of total sales.
Check out our graph below to see how other states compare: