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A good June for Las Vegas housing market

Home sales volume in Las Vegas went up in June.

Home sales volume in Las Vegas went up in June.

Movers have been busy in the West recently, where people have been taking advantage of low prices to buy homes. Reflecting similar data recently released by the Arizona Regional Multiple Listing Service, the Greater Las Vegas Association of Realtors announced on July 8 that Sin City home sales rose in June while prices dropped.

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.