Las Vegas resale housing inventory drops in May

Another whiff of optimism over the local real estate market blew into Southern Nevada this week. Any small improvement anywhere in the industry stats is nowadays welcomed with wide-open arms. So, let's take it.

In the new statistical report on the housing market here just released, the Greater Las Vegas Association of Realtors, or GLVAR, says that the inventory of homes fell by 9.3% from the same time last year. Moreover, there were 21,181 units in it in May, about 1,000 less than in April when the number stood at 22,112. This statistic has remained alarmingly high despite the rather strong sales lately in the lower half of the market. A steady flow of bank REOs being listed has kept the figure up there. Now there seems to be a small break to it, even a decrease by 1,000 homes is in some way an encouraging sign that perhaps a new trend is developing. Many are waiting for the day when the total inventory number sinks below 20,000, and stays there. And keeps going south.

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