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Home sales in Vegas area increase in February

Home sales increased in Las Vegas last month.

Home sales increased in Las Vegas last month.

The Las Vegas housing market may finally be on the mend, with evidence coming to light that more consumers are hiring moving companies and buying a home.

According to the Greater Las Vegas Association of Realtors, home sales increased in February compared to January. Officials consider the upward trend as a potential sign of things to come.

"These February figures bode well for the rest of the year," said GLVAR President Paul Bell. "Most of the indicators are pointing up. That’s generally a good thing."

The report indicates that the total number of local homes, which includes condominiums and townhomes sold last month, was 3,371, up from January and about 300 homes higher than what was sold the same month a year ago.

Short sales - which are homes that are sold by a bank for less than what's owed by the previous owner - in February remained constant from January at 26.6 percent.

The report also found that people are continuing to buy homes with cash, but these buyers are generally investors renting them out rather than moving into them. MDA DataQuick and Freddie Mac are two other organizations reporting cash sales have been high throughout much of the country over the past 12 months.