National cash sales continued their descent in May, a new report released today from CoreLogic showed.

For 29 months, all-cash buyers have been leaving the market, as marked by continual year-over-year decreases in market share. In May, cash sales made up 31.9 percent of total home sales, compared to 35.1 percent during the same time last year.

As the below graph shows, total cash sales share peaked in Jan. 2011, and have since been inching their way back down to “normal,” pre-crisis levels of around 25 percent. May’s dip was another step toward more stable cash sales levels, but as we move into fall and later winter, that number could come back up a little bit, as has been the case in years past.

In Florida, where the cash sales share has dropped to 48 percent, the state continues to support far more cash buyers than its neighbors, which to a great extent is the result of heavy foreign interest. Levels have incrementally fallen in recent months, though, and that bodes well for the long-term stability of the state’s market. A big determinant in whether Florida succeeds in reaching a level of normalcy will be Miami and how its market adapts in the next few years. A 5.8 percentage point drop from May 2014 to May 2015 illustrates the progress made by the city, but with cash sales representing more than half of all sales (54.6 percent), affordability in Miami may be further damaged.