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Sales, prices on rebound in Las Vegas

March 11, 2011 - February brought improving home sales and prices in Las Vegas, an indication that more consumers could soon consider moving to the city.

The Greater Las Vegas Association of Realtors reported that a majority of home sales last month came from investors, who were looking to fix up bargain-priced properties and resell them to relocating families. While investor activity may not be regarded as highly as home purchases from owner-occupants, Paul Bell, the group's president, said it's "not realistic" to expect Las Vegas homebuyers to purchase homes in large numbers right now. However, investor purchases can lead to future home sale increases from regular buyers.

"Las Vegas will be a testing ground to see how high this number can go," Bell said. "We're in uncharted waters here."

The report showed 53.8 percent of all existing homes sold in the Southern Nevada last month were purchased with cash, a telltale sign of investor activity.

A high number of cash sales are also being reported nationwide, but especially in the West. According to MDA DataQuick, a record percentage of California homes - 30.9 percent - were bough without a mortgage last month.
 

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