Home prices in Las Vegas are moving in an upwards direction. The real estate conditions in and around Las Vegas are now seemingly more reminiscent of the "boom years", and showing less of the suffered and dwindling economic status that Las Vegans have come to know in recent years.
The market for brand new homes has recorded 602 closings in August of this year, up 60 percent from last August. On average over the last year, home sales are up 15 percent, according to a Sales Traq report. Cash home buyers in Las Vegas currently account for 53 percent of home sales. The more cash sales, the higher the home prices. This may also be a reason for rising prices in real estate. The reason is, there is no real need for appraisals in instances where cash is paid for a new home. With a lack of need for traditional appraisals from lenders, cash buyers are outbidding a portion of home buyers with financing. Sales Traq analyst, Brian Gordon, claims "we're nowhere near the pace that Las Vegas experienced during the boom years, but it appears to have picked up off the floor from the last two years".
President of Residential Resources, Frank Nason, states that in Las vegas currently 85 percent of homes that are pending contract are short sales. The decline in foreclosures and increase in short sales in Las Vegas, is effecting the market in a significant way.