The number of real estate transactions involving all-cash is slipping, according to the March 2015 REALTORS® Confidence Index Survey. Cash sales accounted for 24 percent of total existing home sales in March, down considerably from 33 percent one year ago.

The drop in cash sales is mostly related to a drop in buying activity among investors, who are lessening their buying sprees as distressed properties for-sale decrease and home prices rise. Individual investors purchased 14 percent of homes in March, down from 17 percent one year prior. Seventy percent of investors paid cash in March.

Meanwhile, distressed sales accounted for 10 percent of sales in March, down from 14 percent a year ago.

"The declining share of sales for investment purposes and cash sales indicates that long-term home owners, rather than investors, are increasingly driving the recovery," researchers note at the National Association of REALTORS® Economists' Outlook blog.

Source: "Cash Sales on the Downtrend," National Association of REALTORS® Economists’ Outlook blog (May 5, 2015) and "Existing-Home Sales Spike in March," National Association of REALTORS® (April 22, 2015)