Las Vegas-area home sales are on the mend as cash rules supreme.
The long-suffering Las Vegas housing market last month had its strongest sales for a February in six years, according to San Diego real estate research firm DataQuick.
Sales were up 5.0% from January and 8.9% from February 2011 to total 4,240 homes sold in Clark County. New home sales hit a four-year high and sales of previously owned homes were at their strongest since 2005.
Cash buyers purchased 52.9% of Las Vegas-area homes last month, a sign of just how prevalent investors are in that market. Sales of distressed homes – foreclosures and short sales – made up close to two-thirds of all previously owned properties sold last month.