This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Las Vegas Homes Draw Absentee, Cash Buyers

LAS VEGAS (DQNews) -- Home sales rose more than usual in the Las Vegas region last month compared with May but fell short of a year earlier amid exceptionally weak new-home sales. The median price paid for a home dropped from both May and a year earlier as foreclosure resales and sub-$100,000 transactions accounted for a higher portion of all transactions, a real estate information service reported.

In June, 5,262 new and resale houses and condos closed escrow in the Las Vegas-Paradise metro area (Clark County), up 15.1% from May but down 5.1% from June 2010, according to San Diego-based DataQuick.. The firm tracks real estate trends nationally via public property records.

On average, the region's sales have risen 9.5% between May and June since 1994, when DataQuick's complete Las Vegas region statistics begin. June's sales total fell 1.3% short of the average number of homes sold in June, but only because new-home sales were so low -- the second-lowest on record for a June. The resale market performed relatively well last month: Resales of houses and condos rose 14.4% from May and 2.2% from June 2010, when outgoing federal homebuyer tax credits gave the market a final boost. Last month's resales were 35.7% above average for the month of June.

Resale activity has risen year-over-year for six consecutive months, lifted by robust investor and cash-only purchases, including by many out-of-state buyers.

In June, 50.6% of the Las Vegas-area homes sold were purchased by cash buyers. That was down from 53.0% in May and a record 56.7% in February, but it was up from 41.9% a year earlier. Cash purchases are where there is no corresponding purchase mortgage in the public record.

Cash buyers in June paid a median $83,000 for a home in the Las Vegas area, down from $89,000 in May and $106,000 a year earlier.

Absentee buyers - mainly investors and vacation-home buyers - purchased 45.9% of all homes sold in June, down from 46.2% in May and a record 49.9% in March this year, but up from 37.5% a year ago. Absentee buyers paid a median $94,000 in June, down from $98,000 in May and $115,000 a year earlier. Absentee buyers are those who indicate at the time of sale that the property tax bill will go to a different address.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $126.37 2.53%
FB $83.20 -0.13%
GOOG $552.03 0.67%
TSLA $190.57 3.01%
YHOO $44.95 -0.33%

Markets

DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs