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More than Half of Las Vegas Area Homes Purchased with Cash

According to statistics released by the ""Greater Las Vegas Association of Realtors"":http://www.lasvegasrealtor.com (GLVAR), 51 percent of all existing homes sold in southern Nevada are now purchased with cash. GLVAR president, Paul Bell, said this represents a first for the area housing market.

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""This percentage of cash buyers has been increasing steadily for more than a year,"" Bell said. ""We've been saying for months that we could eventually see cash buyers accounting for more than half of all our sales. We're now at 51 percent, so we've reached that threshold.""

Bell added, ""In checking with our counterparts around the country, we have yet to find another major metropolitan area where so many buyers are paying cash for homes.""

According to Bell, the majority of these buyers are investors who are renting out rather than occupying the homes they buy.

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""Cash buyers are still purchasing thousands of local homes that might otherwise sit vacant,"" Bell said. ""I'd say we're fortunate to have these buyers investing in our community. These smart money buyers are voting with their pocketbooks on the future of our local housing market.""

Local single-family home sales and prices in Las Vegas decreased from December to January. According to GLVAR, the median single-family home price during January was $125,000, down 5.3 percent from $132,000 in December and down 7.4 percent from January 2010.

The median price of condominiums and townhomes sold in January was $64,900, up 4.7 percent from December but down 5.9 percent from one year ago.

Short sales made up 26.6 percent of all existing homes sold in southern Nevada in January, up from 25.3 percent in December but down from a peak of 34 percent in June 2010. Bank-owned homes accounted for 48.8 percent of all existing-home sales in January, down from 49.8 percent in December.

The total number of homes, condos, and townhomes sold in January was 3,214, down from 4,007 in December. GLVAR also reported that the total number of homes listed for sale on its MLS was 22,010 in January, up 1.6 percent from December and up 11.5 percent from 2010.

GLVAR reported a total of 5,554 condos and townhomes listed for sale on its MLS at the end of January. That's up 0.1 percent from 5,550 the previous month and up 3.2 percent from the previous year.

About Author: Heather Cernoch

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