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The Numbers Are In... March Housing Sales Brings Good News for Las Vegans

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The March numbers are in when it comes to residential home sales in the Las Vegas market. The market continues to see an uptick in inventory and a decrease in distressed sales.

While closings are down 15 percent year to date, prices are once again starting an upward climb. In March, the median sales price jumped 2.6 percent and the average sales price is up just over three percent. That brings the average price per square foot to $110.

While January and February saw some of the slowest sales in the past five years, it appears spring fever has finally hit. Closings were up 27 percent in March from the previous month. Of those closings, 76 percent were classic sales. Short sales accounted for 13 percent of the closings and 11 percent were bank owned.

Cash buyers still make up the largest bulk of buyers coming in at 43 percent of sales, while conventional loans aren't far behind at 30 percent. Eighteen percent of the buyers are closing with FHA loans and seven percent are going VA.

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