LAS VEGAS -- More than six of every 10 residential properties sold in the Las Vegas metropolitan area in June involved cash transactions, one of the highest rates in the nation, RealtyTrac.com reported Wednesday night.
The real estate analytics company from Irvine, Calif., reported that cash transactions made up 62 percent of all residential sales in Las Vegas, third highest behind only Cape Coral-Fort Myers, Fla. (70 percent) and Miami (64 percent). The national average was 30 percent.
It was also reported that median housing prices in Las Vegas climbed 26 percent in June versus the same month a year ago, far exceeding the 5 percent price hike nationally. Only the California cities of Sacramento (35 percent), San Francisco (30 percent) and Los Angeles (27 percent) experienced better results.
The median sales price of a residential property in Las Vegas was $145,600 in June, $22,400 below the national average.
Of all residential sales in Las Vegas, 22 percent in June involved bank-owned properties, fourth highest behind Modesto and Stockton, Calif., and Detroit (all at 24 percent).
RealtyTrac also reported that short sales accounted for 30 percent of all residential sales in Nevada last month, tops in the nation. Institutional investor purchases, defined by RealtyTrac as those involving non-lending entities that bought at least 10 properties in the past year, accounted for 16 percent of all residential sales in Nevada in June. That was second behind only Georgia (23 percent).
"The U.S. housing market is slowly but surely moving toward a more normalized and sustainable pattern after a flurry of institutional and cash buyers flocked to residential real estate last year, pushing up prices and picking clean the best inventory available in many areas," RealtyTrac vice president Daren Blomquist said. "Rising home values should continue to unlock more non-distressed inventory while also pricing institutional investors out of more markets, which, combined with rising interest rates, will cool off the pace of price appreciation.
"Still, lingering distressed inventory in many markets will continue to provide fodder for institutional investors and cash buyers in those markets."