Sales of homes, condos and townhouses in Las Vegas were close to an all-time record in August. The news comes from the GLVAR (Greater Las Vegas Association of Realtors), which reported that August saw 4,693 homes sold in Las Vegas.

The sudden surge of interest in the area has been credited to the low interest rates on mortgages and low property prices.

This latest figure is the highest recorded in two years, since 2009 saw a record-breaking 4,702 homes sold during the same month. GLVAR President Paul Bell commented: “August was a super active month for sales. In terms of existing home sales here in Southern Nevada, it was out second best month ever and I think those sales numbers could have been several hundred units higher, had banks approved more short sales.”

Bell added it is investors who are keeping house prices low – many are cash buyers who purchase properties at bargain prices. Desperate sellers have also been allowed by their bank to sell for less than what they owe on their mortgage; this accounted for 21.7% of sales.

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