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Home prices flat, sales down in Las Vegas

Las Vegas home prices and sales did not increase during April.

Las Vegas home prices and sales did not increase during April.

Those considering moving to in Sin City have fallen in number recently, despite the average price of homes in the area remaining flat.

According to recent information released by MDA DataQuick, home sales for Las Vegas properties were up 0.4 percent year-over-year, however, prices were down 13 percent. In all 4,500 properties, including both new and resales, were sold during April, a 9.5 percent decline from March's total.

The median price of Las Vegas properties was $116,500, which is also down from March by 0.4 percent. April is the seventh straight month of year-over-year decline for the area's prices. The 13 percent fall is the largest for the region since February 2010, when the average declined by more than 17 percent.

Despite the minimal sales increase, they reached their highest level in five years, with more investors and cash buyers interested in the area's distressed market. In all, those purchasing properties with cash accounted for a significant number of transactions at 54.1 percent, up from 54 percent in March and 47.6 percent last April. Overall, the median amount of properties for cash buyers was $90,000.

As property prices continue to decline, many investors might feel lucky enough to gamble on a cheaper estate, and thus, boost the region's real estate market even further.