Great news for Las Vegans is that the demand for homes is sustaining the housing recovery.  As demand exceeds supply, prices rise.  This economic factor encourages a home owner to sell their current home. 

Good News - Unemployment is DOWN!   

Many businesses, developers, new attractions, and new home builders are hiring.  Here are just two examples.

800 workers are going to be hired for the Downtown Grand Hotel.  Applications and resumes may be submitted at www.fifthstreetgaming.com/careers.

The limited supply of available homes has caused home builders to increase construction of new homes.  In April, 661 building permits were pulled for a total of 2,457 year to date.  That converts to a year to year increase of 117% and an increase of jobs.

Good News - Casino, Hotel, Convention, and Retail revenues are UP!  

323,000 tourists in Las Vegas for Memorial Weekend.

Mid May over 35,000 visitors attended the annual shopping center convention.

20,000 visitors are expected to visit the downtown Neonopolis new club “Krave Massive” and “Drink & Drag” every weekend starting in mid June when they have their grand opening.

Casino gaming revenue was up 15.1 percent in February compared  to February 2012.  The Las Vegas Strip posted a record win of  $956.4 million, up 31.1 percent.

“It was the highest win ever on the Strip,” said Michael Lawton, senior  research analyst for the board. The board attributed the Strip record to this  year’s Chinese New Year celebration, which attracted many big-money  gamblers.

Wyndham's Desert Blue resumes construction on the 281 unit timeshare vacation resort.

In Summerlin new residential developments are growing at a promising pace. 

The Summerlin Vistas Community Center and Pool will finish construction in the spring of 2015.

The Town Square outdoor shopping center welcomes an 87,000 square foot Gameworks with 8 bowling lanes and a restaurant that will seat 215 people.  New stores opening include Artifact, McFadden’s, and Flemings Steakhouse.

The Food Network star, Guy Fieri graduated from  UNLV in 1990.  Guy's first restaurant will open on the Strip at The Quad later this year.

Guy's restaurant will be the main culinary attraction at The Quad, formerly Imperial Palace.   The Quad is set to open this fall along with The Linq mall, and the world's tallest observation wheel called "The High Roller" which stands 550 feet tall.
(See more information in the October Blog)

In a resent statement, Guy said: “This is a true homecoming for me. I  remember the start of the food revolution in Las Vegas in the ’90s as a college  student. Now I am stoked — finally opening my very own at the heart of the  Strip.”

Good News - Entertainment and Attractions are opening UP and famous people are making news!

The good news is that the Wet 'N' Wild water park opened last month.  

30,000 season passes have already been sold.

The Cirque opened the "Michael Jackson One" show at the Mandalay Bay.

Michael Jackson ONE is a theatrical evocation of

Michael’s creative genius. Guided and inspired by his

music, four misfits set out on a transformative

adventure. By journey's end, they will personify

Michael's agility, courage, playfulness and love.

Oscar Goodman, the happiest mayor, just released

his autobiography.  “Being Oscar  From Mob Lawyer to

Mayor of Las Vegas – Only in America” explains the

illustrious life of Oscar Goodman.  The book chronicles

Oscar’s transition from wiretap expert mob lawyer to

showgirl-draped “martini mayor” of Las Vegas.

Oscar Goodman continues to show his love of Las Vegas. 

He visited the Burgermeister and worked the grill at Smashburger to celebrate National Burger Day on Tuesday, May 28, 2013. 

On The National Home Front

The Stock market is responding well to the increase in home sales.

Good News - shares of companies with ties to the housing market are surging UP.

Home Depot (HD) reported profits that were much better than forecasts.

In its earnings release, CEO Frank Blake said the company is continuing to "benefit from a recovering housing market" despite the fact that there was "less favorable weather" during the quarter.

Some retailers have blamed the snowy and cold winter for soft first-quarter results and a slowdown in consumer spending. So it's really encouraging to see that Home Depot bucked that trend, thanks to the comeback in housing. 

Las Vegas Home Prices Increased 2% in February

The Largest Monthly Increase Since May 2006

The Case Shiller index of 20 cities showed a 9.3% increase in home prices since February 2012.  The price gains should cause more and more home owners to put their homes on the market which would alleviate our low inventory.  There were only 1.93 million homes on the market in March which was the fewest number since March 2000.

With mortgage rates at an all time low, an improving labor market, and more inventory, the real estate market could be the source for a better economy.

The 20 cities are showed a year over year increase.  Las Vegas home prices jumped 17.6% since last year.  Phoenix led the yearly increase with a 23% jump.

Check the map below for a breakdown by zip code appreciation.