Investors and all cash purchases are less prevalent in the United States housing market, making it easier for first-time homebuyers or "move up" buyers to acquire a property, according to an analysis by the housing data company RealtyTrac.

The U.S. Home and Foreclosure Sales Report indicates that 24.6 percent of all sales of single-family homes and condominiums in May of 2015 were paid for in cash and did not require a loan. This share is close to the long-term average of 24.8 percent, which includes all cash sales going back to January of 2000.

All cash sales are at the lowest point since November of 2009, and May's report indicates a significant decline in recent years. These purchases peaked in February of 2011 when they hit 42.2 percent. All cash sales made up 30.4 percent of single family home and condominium sales in May of 2014, and this share dropped to 28.5 percent in April.

Buyers are more likely to successfully find an affordable home if they are not competing with investors or buyers who can purchase a property without taking on a mortgage. Bob Sullivan, writing for the National Association of Realtors, says all cash purchases are often made by investors rather than an individual who intends to live in the home. Cash offers also tend to be more attractive to sellers, making it more difficult for buyers who need to be approved for a loan to compete for the sale.

RealtyTrac says the share of institutional investors, or entities purchasing 10 or more properties in a year, stood at 2.4 percent of single family home sales in May. This marked the lowest percentage since the start of available data in January of 2000.

"As housing transitions from an investor-driven, cash-is-king market to one more dependent on traditional buyers, sales volume has been increasing over the last few months and is on track in 2015 to hit the highest level we've seen since 2006," said Daren Blomquist, vice president of RealtyTrac. "And while sellers this spring are realizing the biggest average home value gains since 2006, home price appreciation is softening as the supply-and-demand balances tip more in favor of buyers and as　banks began to clear out some of their more highly distressed foreclosures that sell at scratch-and-dent prices."

The median price of all residential property sales in May, including distressed and non-distressed properties, was $173,900. This price was a 1 percent decrease from the previous year, the second consecutive month where year-over-year prices declined nationwide. However, it was also 4 percent higher than April's average sale price.

Distressed properties, which include all homes in some stage of foreclosure, sold for an average price of $116,192 in May. This figure was a 2 percent decrease from last year, the first year-over-year drop in the average price in 13 months. Non-distressed properties sold for an average price of $205,000 in May.

"Distressed sales in May represented a significantly smaller share of a growing home sales pie as an increasing number of non-distressed sellers continued to cash out on the equity they've gained over the last three years of rising home prices," Blomquist said. "But those distressed sales are still acting as a drag on home prices, selling at a median price that is 43 percent below the median price of a non-distressed sale — the biggest gap we've seen since we began tracking that distressed discount in January 2006."

Distressed properties made up 10.5 percent of all residential sales in May, the lowest share since RealtyTrac began tracking this data in January of 2011. The share stood at 18.3 percent last year and 15.4 percent in April.

Flint, Michigan, had the highest share of distressed property sales at 26 percent. Memphis, Tennessee, had the third highest share at 24.1 percent.

Florida had three of the metro areas of at least 200,000 people with the highest share of distressed property sales. These included Tallahassee at 24.2 percent, Pensacola at 23 percent, and Ocala at 21.7 percent.

This state also accounted for the five metro areas with the highest share of cash buyers. All cash sales made up 56 percent of residential purchases in Naples-Marco Island, 54 percent in Sarasota-Bradenton, 53.4 percent in Miami, 49.9 percent in Ocala, and 49.7 percent in Cape Coral-Fort Myers.

Rockford, Illinois had the highest share of sales to institutional investors at 13.4 percent. This was followed by Tulsa, Oklahoma (12.6 percent); Roanoke, Virginia (12.6 percent); Memphis, Tenn. (10.2 percent); and San Antonio, Texas (8.4 percent).

Bank-owned sales made up 3.9 percent of nationwide residential property sales in May, which marked the lowest share since January of 2011. The share of bank-owned sales was 9 percent in May of 2014 and 6.9 percent in April.

Flint, Mich., had the highest share of bank-owned sales at 16 percent. This was followed by Mobile, Alabama (13.1 percent); Tallahassee, Fla. (12.6 percent); Palm Bay-Melbourne-Titusville, Fla. (11.9 percent); and Fayetteville, North Carolina (11.9 percent).

In-foreclosure sales—properties sold while they are in default or scheduled for a foreclosure auction, but not acquired by the bank—made up 6.6 percent of residential sales in May. This share was also at its lowest point since January of 2011, falling from 9.2 percent in May of 2014 and 8.5 percent in April.

New Haven had the fourth highest share of in-foreclosure sales in the nation at 12.7 percent. The largest share occurred in Chicago, Illinois, at 14.8 percent. This was followed by Rockford, Ill. (14.6 percent); Toledo, Ohio (13.4 percent); and Memphis, Tennessee (12.7 percent).