Cash sales as a percent of total home sales dropped 2.8 percentage points year-over-year in April 2016 to 31.6%, reports Molly Boesel for CoreLogic.

Month-over-month, cash sales dipped by 1.6 percentage points in April. And over 2016’s first four months, cash sales averaged 33.9%, which is the lowest start to any year since 2008.

The cash sales share peaked in January 2011 when cash transactions accounted for 46.6% 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 April 2016, the share should hit 25% by mid-2018.

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