Majority of Vegas homes sold in January purchased with cash

In Las Vegas, 51 percent of homes sold in January were paid for with cash, according to the Greater Las Vegas Association of Realtors.

According to GLVAR president Paul Bell, local realtors have been watching the increasing number of cash home purchases and predicted this would occur. "We're now at 51 percent, so we've reached that threshold. In checking with our counterparts around the country, we have yet to find another major metropolitan area where so many buyers are paying cash for homes," Bell said.

The report also announced that the median price for single-family homes in the city dropped 5.3 percent from December to $132,000. The figure is also 7.4 percent lower that the median home price for the same month the year before. Additionally, short sales were up for the month, but foreclosures were down from December.

Even with enough cash to purchase a house in Las Vegas, moving to the struggling city now may not be the best option. According to Fiserv, home prices in the city are projected to continue to decline through 2012.  

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