Las Vegas home sales rose 15.1% in June, but remain 5.1% under year-ago levels due to weaker new home sales. There were 5,262 new and resale home sales last month in the nation’s 30th largest metropolitan area, according to DataQuick. The data research firm said new home sales plunged to their second-lowest level on record in June, negating the possibility of any type of rebound in year-over-year sales. The median home price for the month fell below May and year-ago levels, with foreclosure resales and homes valued under $100,000 accounting for a larger portion of all transactions. Last month, about 50.6% of Las Vegas home sales were acquired by cash buyers, down from 53% in May, but up from about 42% a year ago. In June, cash buyers paid a median of $83,000 for homes in the area, compared to $106,000 last June. Investors and vacation buyers acquired nearly 46% of all homes sold in Las Vegas last month, down from 46.2% in May, but up from 37.5% a year ago. Of the investors and vacationers who acquired homes, only 34% had mailing addresses in Nevada, while 30% reside in California. The remaining Las Vegas buyers were investors and vacationers from New York, Pennsylvania, New Jersey, Utah, Hawaii and Florida. About 3% of all Las Vegas-area home sales in June were tied to foreign investors. Write to Kerri Panchuk.
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