Las Vegas... the city that's become infamous for foreclosures and under water homes. The housing crash literally put thousands upon thousands of homeowners under water in their homes, but some homes are finally surfacing.
The run up in prices in 2013 came as a welcome relief to the valley. Last year saw a gain of 23.3 percent in the median sales price of a home. Cities around the United States experienced rapid appreciation as well and so now, the good news is that four million more homeowners nationwide are no longer under water in their homes.
That's not to say everyone is out of the woods just yet, but as a result, the majority of listings on the market in Las Vegas are now equity sales. In fact, 74 percent of sales in February were traditional sales. Meanwhile, only 14 percent of sales were short sales and 12 percent were bank owned.
Cash buyers continue to make up the majority of buyers coming in at 47 percent of sales. Conventional loans account for 28 percent of sales, FHA 17 percent and VA six percent.
The average sales price of a home last month came in at $225,383, which is up 2.7 percent. The median price, meanwhile, was up one percent.