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.
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.