Cash sales held steady in January, but distressed sales dropped year-over-year, according to a new report from CoreLogic.
Cash sales accounted for 36.5% of total home sales in January, unchanged from the previous year. During the housing crisis, cash sales peaked at 46.6% of total home sales, however, historical norms rest at about 25%.
Real estate owned sales held the largest share of cash sales in January at 61.2%, followed by resales at 36.5% and newly constructed homes at 17.7%.
REOs make up 5.9% of distressed sales, while short sales make up 1.1%.
The distressed sales share fell to 7% in January, down 4.6 percentage points from January 2016. This marks the lowest distressed sales share for any month since September 2007.
The pre-crisis share of distressed sales hovered near 2%, which could be reached by early 2018 at the current rate of decrease.
Connecticut held the largest share of distressed sales in January at 17.3%, followed by Maryland at 16.3%, Michigan at 15.1%, New Jersey at 15.1% and Illinois at 12.8%.