Median prices have risen and are expected to inch up over the next few months.

347 sales in April are a 34.7 percent increase from the same month a year ago, according to Home Builders Research.

Builders are seeing more traffic through new home sub-divisions as resale inventory has tightened, a
result of Nevada's robo-signing law that has slowed foreclosure activity.

For the year to date, new home closings have increased 20 percent to 1,220.

"Builders are living for the moment says Dennis Smith, President, and taking advantage of the situation."
Builders have been able to raise median prices 6 percent from a year ago to $200,350 in April and are expected to inch up in the near future.

Anticipating forward demand, builders pulled 619 new home permits in April, bringing the year to date total
to 1.582, a 40 percent increase from a year ago.

It will probably be another month before new home closings will catch up to permits. By June, new home
closings should reach 500 a month.

Home Builders Research counted 4,306 resale transactions in April, up from 3,849 in April 2011. It brings the total for the year to 17,000, an 18 percent increase from a year ago.

The median resale price rose 3 percent from a year ago, to $115,000 and it's up 4 percent from the previous month.

More than 200 new homes have been sold in the master planned Summerlin community, nearly exceeding last year's total in just 4 months.

SalesTraq, another Las Vegas research firm, showed 351 new home sales in April at a median sales price
of $201,651, up 6.1 percent from a year ago.

Smith said the robo signing law has created artificial demand in Las Vegas. By some estimates there should
be 50,000 to 100,000 homes pending foreclosure, part of the "shadow inventory" being held by banks.