Despite Hawaii’s sky-high home prices, about 4 in 10 residential transactions are all-cash transactions.

Some 39 percent of the state’s 9,645 residential transactions for the first six months of this year were cash deals, according to statistics provided by Title Guaranty, the largest title company in Hawaii.

The Big Island had the highest percentage of cash buyers, with nearly half its residences sold for cash. Hawaii County was followed by Maui County (45 percent), Kauai County (41 percent) and Oahu (36 percent).

In 2015 the Big Island recorded more cash transactions (54 percent) than sales with mortgages.

In all, there were 3,799 cash transactions worth about $2.6 billion in the first half of this year. Oahu accounted for 2,354 of the state’s cash transactions, according to Title Guaranty.

In 2015, 7,457 of the 19,345 transactions (39 percent) statewide were cash transactions totaling nearly $4.5 billion.

That’s a lot of dough.

So, where is all this money coming from? China? California? Nope. Most of the moola is coming from locals.

Hawaii buyers accounted for nearly two-thirds of the cash transactions last year and about 59 percent of the deals for the first six months of 2016, according to Title Guaranty’s statistics.

“In today’s real estate landscape, domestic buyers, particularly Hawaii residents, dominate cash purchasers relative to foreign buyers, statewide,” Title Guaranty Chief Operating Officer Mike B. Pietsch said in a statement.

“When you consider that cash transactions comprise over 36 percent of all purchases made on Oahu (so far in 2016), and over 48 percent on the Big Island, it is surprising that the lion’s share of these cash purchases are being made by local residents,” Pietsch said. “This is significant proof that while pursuing the foreign cash buyer is tempting, the numbers reflect the importance of cultivating our kamaaina market and supporting local buyers.”

Why is cash king? Cash offers and deals are attractive to sellers for several reasons, including:

>> Fast money: All-cash transactions can close much faster than one that requires lender financing, which generally takes about 45 days. That means sellers can get their money faster.

>> Less risk: The deal isn’t contingent upon the buyer qualifying for the loan or getting financing. Loans have been tough to get for many buyers as mortgage underwriting standards tightened after the Great Recession.

>> No appraisal: With no lender, the cash buyer can write a check for the full amount of the purchase. When a lender is involved, an appraisal is required. In the event an appraisal comes in lower than the contracted price (which is not uncommon in a heated real estate market), the buyer can try to renegotiate the sales price, or they might not qualify for the loan.

Cash deals surged nationwide following the housing crisis because of strict lending standards, followed by increased competition for homes. Cash deals are also popular with investors doing exchanges and foreign buyers.

Nationally, cash sales accounted for 34 percent of total home sales in 2015, the lowest since 2008, according to CoreLogic, a California real estate information company. Cash sales peaked nationwide in January 2011 when cash transactions accounted for nearly 47 percent of all homes sold.

Before the housing crisis, cash sales averaged about 25 percent.

Jaymes Song is a top-producing agent with Better Homes and Gardens Real Estate Advantage Realty in Kahala. He can be reached at 228-3332 or JaymesS@BetterHawaii.com.