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6 in 10 Vegas home sales involve cash

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POSTED July 26, 2013 9:53 p.m.

LAS VEGAS (AP) — Cash is king buying a house in southern Nevada.

RealtyTrac.com reported Wednesday that 62 percent of all residential sales in Las Vegas in June were cash transactions.

That’s the third-highest rate in the nation, behind only the Cape Coral-Fort Myers, Fla.-area at 70 percent and Miami at 64 percent.

Irvine, Calif.-based RealtyTrac says the national average was 30 percent.

The report says the median sales price of a residential property in Las Vegas was $145,600 in June.

That’s $22,400 below the national average.

But median housing prices in Las Vegas climbed 26 percent in June, compared with the same month a year ago.

KLAS-TV reports that’s well above the 5 percent price increase nationally.

Only the California cities of Sacramento, San Francisco and Los Angeles experienced a bigger jump.

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