Cash sales made up 31.3% of total home sales in June 2015, down from 33.9% in June 2014, according to the latest report from CoreLogic (CLGX).

The year-over-year share has fallen each month since January 2013. Month over month, the cash sales share fell by 0.7 percentage points in June 2015 compared with May 2015.

The cash sales share peaked in January 2011 when cash transactions made up 46.5% of total home sales nationally. Prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. If the cash sales share continues to fall at the same rate it did in June 2015, the share should hit 25% by mid-2017.

June’s drop follows a bigger drop in May. Cash sales made up 31.9% of total home sales in May 2015, down from 35.1% in May 2014, according to CoreLogic.

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(Source: CoreLogic)

Real estate-owned sales had the largest cash sales share in June 2015 at 57% and was the only sales category to see a year-over-year increase in the cash sales share. Resales had the next highest cash sales share at 30.8%, followed by short sales (28.7%) and newly constructed homes (15.6%).

While the percentage of REO sales that were all-cash transactions remained high, REO transactions made up only 6% of all sales in June 2015. In January 2011 when the cash sales share was at its peak, REO sales made up 23.8% of total home sales. Resales typically make up the majority of home sales (about 83% in June 2015), and therefore have the biggest impact on the total cash sales share.

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(Source: CoreLogic)

New York had the largest share of any state at 47%, followed by Florida (45.8%), Alabama (44.8%), New Jersey (40.7%) and Oklahoma (39.6%).

Of the nation's largest 100 Core Based Statistical Areas (CBSAs) measured by population, West Palm Beach-Boca Raton-Delray Beach, Florida had the highest cash sales share at 55.5%, followed by Philadelphia, Pennsylvania (55.1%), North Port-Sarasota-Bradenton, Florida (54.5%), Miami-Miami Beach-Kendall, Florida (53.5%) and Detroit-Dearborn-Livonia, Michigan (52.9%). Washington-Arlington-Alexandria, D.C.-Virginia-Maryland had the lowest cash sales share at 13.4%.

“Home prices have been appreciating at a healthy pace for quite some time, while sky-high rents continue to hurt affordability for those who are leasing,” says Quicken Loans Vice President Bill Banfield. “Renters could significantly lower their monthly payments and begin gaining equity with the purchase of a home, but saving for a down payment will remain a struggle for many while rents remain at these inflated levels.”