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Cash sales decline in housing market

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Cash sales accounted for nearly 32 percent of all homes sales in May, a drop of 3 percentage points from May 2014 and marking the 29th consecutive month of year-over-year declines, real estate analytics firm CoreLogic Inc. said today. Cash sales made up 27 percent of Iowa homes sales in May and 14 percent of sales in Greater Des Moines. Nationally, the share of homes sales that were cash transactions stood at 46.5 percent in January 2011. Prior to the housing crisis, cash transactions averaged 25 percent of total home sales, CoreLogic said.