Cash sales still dominate Las Vegas housing market - 8 News NOW

Cash sales still dominate Las Vegas housing market

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LAS VEGAS -- Cash purchases made up 52.2 percent of housing sales in the Las Vegas metropolitan area in the first quarter of 2014, RealtyTrac reported Wednesday night.

Among metro areas with at least 500,000 residents, Las Vegas had the 11th highest percentage of cash sales, with the top five all located in Florida.

The real estate analytics company from Irvine, Calif., reported that 42.7 percent of all residential property transactions nationwide were all-cash sales, up from 19.1 percent in the first quarter of 2013.

“Strict lending standards combined with low inventory continue to give the advantage to investors and other cash buyers in this housing market,” RealtyTrac vice president Daren Blomquist said. “The good news is that as institutional investors pull back their purchasing in many markets across the country, there is still strong demand from other cash buyers — including individual investors, second-home buyers and even owner-occupant buyers — to fill the vacuum of demand left by institutional investors.”

The share of homes purchased by institutional investors, those defined by RealtyTrac as having bought at least 10 properties in the past year, jumped 24 percent in Las Vegas in the first three months of this year versus the same period in 2013.

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