Las Vegas is hearing some good news about its residential real estate market!  Sales of existing homes have increased, with April showing the first year-over-year increase in more than 2 years.  According to In Business Magazine, there is a six-week supply of new homes.  That is a great improvement, caused by builders offering some great incentives and huge price reductions in their new developments.  Traffic has definitely picked up in the past several weeks, and more potential buyers are now trying to purchase homes, given the new affordability of both new and resale homes.  Most analysts agree that we are “near” or at the “bottom” of the cycle, and expect the market to stabalize late in 2008 or early in 2009.  There is till the effect of so many foreclosures and short sales in this market, but many of those properties are being absorbed, which has a positive effect on the market.  The new jobs being created by companies like MGM City Center, Boyd Group/Echelon and other construction projects will create a stronger housing market next year.   Real estate professionals and experts have varying opinions, but the overall outlook is much more positive than it was at the start of 2008.  So, this is a great time to buy, with interest rates low and prices in Las Vegas at their lowest since 2000.  We can send you a list of new home inventory, including special promotions and incentives, as well as all of the resale properties currently available.  If you’d like to be updated daily as to inventory, pricing and special financing, contact Las Vegas Properties at 1-888-876-8383 or email terrilvp@cox.net.