The GLVAR report showed total Las Vegas home sales rose from 3,991 units in May to 4,540 in June. Single-family home sales increased 16.7 percent from June of 2010, and sales of condos and townhomes posted a year-over-year increase of 3.5 percent.
Median sales prices were also lower than in May and significantly lower than a year ago. The June 2011 median sales price of a single-family home, $124,500, was 11.1 percent lower than the median price in June 2010. Last month's median sales price for condos and townhomes was $59,900, down 14.4 percent from a year ago.
According to the GLVAR, exactly 50 percent of homes bought in June were paid for in cash.
A recent Fannie Mae rule change allows homebuyers who pay entirely in cash to immediately liquifey their investment by taking out a mortgage. Previously, the lender required a six-month waiting period before these all-cash buyers could secure a mortgage.
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