It's a bad news, good news day. First the bad news.  This week's rolling 30 day solds (homes sold in the last 30 days) represents the lowest number of sales (1206) in a 30 day period this year.  It might be the lowest this decade.  Use the 30 day sold number (most recent activity) and divide that into the current inventory and we get the highest supply of the year - 22.58 months.  This is the greatest supply of homes I have seen in my 15 years serving the Las Vegas market.  Last, REPO homes continue to grow at quite a clip.  Inventory grew this week by 5%.  It has grown 14% in the last 3 weeks.  Now the good news.  New sales under contract (Pending sales) are up for the first time in 13 weeks.   This elevated the Pending Index to 84 - still close to 50% less market activity (relative to inventory) than we had in January.  Pending sales are an indicator of what to expect in the coming weeks for closed sales figures.  Should this trend continue, the market will be showing some sign of resiliency not seen in many months and sorely needed to instill buyer confidence. 

Click here for this week's Market Snapshot