The number of people who purchased their homes in the Milwaukee area with cash has continued to decrease since reaching its peak in 2011.
Cash sales accounted for 19.9 percent of total home sales in June 2016, down 1.8 percent from June 2015, according to the most recent data from CoreLogic, an Irvine, Calif.-based data analytics firm
Nationally, 29.3 percent of people paid cash for their homes in June, down 2.5 percent from June 2015.
The cash sales peaked in January 2011, when cash transactions accounted for 46.6 percent of total home sales nationally. June 2016 marks the first time the cash sales have been below 30 percent since late 2007.
Prior to the housing crisis, the cash sales of total home sales averaged approximately 25 percent. If the cash sales continue to fall at the same rate it did in June 2016, share should hit 25 percent by mid-2018, according to the CoreLogic report.
Resales had the next highest cash sales share at 28.9 percent, followed by short sales at 27.7 percent and newly constructed homes at 15.2 percent.
New York had the largest cash sales of any state at 45.3 percent, followed by Alabama at 44.6 percent; Florida, 40.6 percent; Oklahoma, 38.6 percent and Indiana, 35.7 percent.
Syracuse, N.Y. had the lowest cash sales share at 12.6 percent.
