Homes in the Las Vegas area sold at the fastest pace for an April in seven years due, in large, to investor and cash buying nearing record levels. Sales in the $200,000-to-$500,000 range in the Sin City picked up 81% from one-year prior.
The Las Vegas median price paid for a home increased to the highest level in nearly four and a half years, largely due to price appreciation,tight inventory, a surge in move-up buyers and a drop-off in foreclosure resales.
In the Las Vegas-Paradise metro area, 4,869 new and resale houses and condos closed escrow in April, an 8.6% increase from the month before and a 7.0% rise from one-year prior, according to San-Diego-based DataQuick.
Sales have dropped 4.2% between March and April, on average, since 1994. The year-over-year increase in total sales last month follows 10 consecutive months of year-over-year declines.
Investor and cash buying push Las Vegas home sales | HousingWire.