Las Vegas saw huge leaps in house sales during August, with sales of homes, condos and townhouses approaching an all time record, according to the Greater Las Vegas Association of Realtors (GLVAR).
In total 4,693 homes were sold, up from 4,037 sales in July and significantly up from 3,638 total sales one year ago. The sale numbers are the highest for property in Las Vegas since August 2009 when a record breaking 4,702 sales were made.
"August was a super active month for sales. In terms of existing home sales here in Southern Nevada, it was our second best month ever," said GLVAR President Paul Bell, a longtime local realtor. "And I think those sales numbers could have been several hundred units higher had banks approved more short sales."
The influx of buyers is being attributed to low mortgage interest rates and the low property prices in Las Vegas compared with other property in the USA.
Bell said local home prices continue to be driven down by investors, mostly cash buyers, purchasing low-priced properties at bargain prices. In recent months, he said roughly one-third of all local home sales have been for less than $100,000. 21.7 percent of all existing homes sold in Southern Nevada during August were short sales, which occur when a bank agrees to sell a home for less than what the borrower owes on the mortgage.