Cash sales made up 31.9 percent of total home sales in May 2015, down from 35.1 percent in May 2014.

The year-over-year share has fallen each month since January 2013, making May 2015 the 29th consecutive month of declines. Month over month, the cash sales share fell by 1.7 percentage points in May 2015 compared with April 2015.

The cash sales share in Boston was down for the month of May over the same period last year and sits at 21.3 percent – a 1.2 percentage point decrease compared with May 2014. The cash sales share in Boston was lower than the 31.9 percent national rate.

Florida had the largest share of any state at 47.8 percent, followed by New York (45.8 percent), New Jersey (45.8 percent), Alabama (44.2 percent) and Michigan (38.4 percent).

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