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Home Sales Fall; Cash is King

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Real estate agents  say home sales fell in the market in January as cash buyers bought 51 percent of the homes sold.

The Greater Las Vegas Association of Realtors says that just over 2,500 single-family homes were sold in January at a median price of $125,000. That’s down nearly 20 percent compared with the number sold in December. The median price was down 7.4 percent.

Association President Paul Bell says he thinks the high percentage of cash buyers is unprecedented for a major metropolitan area.

He says most investors are renting the homes. Bell says investors will keep paying cash as lending standards stay tight, banks put homes into the market and prices stay low.

Prices and sales were also down compared with January last year.

Copyright 2011 The Associated Press.

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