Nevada Tops in Home Short Sales, Third in Cash Sales - 8 News NOW

Nevada Tops in Home Short Sales, Third in Cash Sales

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LAS VEGAS -- Nevada in November led the nation in the percentage of homes sold through short sales and ranked third in cash sales but sales volume dropped from a year ago, RealtyTrac reported Thursday night.

The real estate analytics company from Irvine, Calif., reported that 16.6 percent of Nevada's housing transactions represented short sales. Cash only transactions represented 51 percent of home sales in Nevada last month, trailing only Florida (62.7 percent) and Georgia (51.3 percent).

In the Las Vegas metropolitan area, short sales accounted for 18.5 percent of all housing sales and all-cash transactions represented 53.8 percent of sales.

Nevada's median sales price of $160,000 last month was 22 percent higher than in November 2012. In the Las Vegas metropolitan area, the median sales price last month was $155,383, 20 percent higher than a year ago.

But sales volume in Nevada dipped 9 percent compared to November 2012. The only other states where sales volume declined from a year ago were California (14 percent), Arizona (12 percent) and Rhode Island (4 percent). Sales volume in Las Vegas was down 12 percent.

"The housing market recovery continued to be driven by investors and other cash purchasers in November," RealtyTrac vice president Daren Blomquist said. "Lenders are taking advantage of this environment to unload more of their bank-owned inventory and in-foreclosure inventory at the foreclosure auction. But as the backlog of distressed inventory available dries up in many of the markets with the most efficient foreclosure processes — namely California, Arizona and Nevada, with Georgia not far behind — overall sales volume is declining and will continue to do so until more non-distressed sellers enter the market."

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