Two year high set in May followed by 8.4 percent drop in June. The steep decline suggests a weaker
job market and slower growth could make the housing recovery uneven.

Las Vegas based SalesTraq reported 353 new home sales in June, down from 413 in the prior month and
a 1.1 per cent decrease from the same month last year.

While the new numbers show moderation, new home closings in the past three months appear to be
signaling positive momentum, with total sales up 25 percent on a year to year basis.

As new home communities in Las Vegas have closed out in recent months and new ones have cropped up,
sales volume has remained relatively tight at 1.6 closings per subdivision in June.

Builders are more confident and are breaking ground on more homes. Mortgage rates are at record lows. And home prices have stabilized after losing a third of their value in six years.

Sales of previously occupied homes fell in June to their lowest level since October. But sales were up 4.5 percent from a year ago.

Low inventory is holding back sales. Nationally, there were 144,000 new homes for sale in June, just above May's 143,000, the lowest on record since 1963. At the current pace, it would take 4.9 months to exhaust the June supply.

A six month supply is generally considered healthy by economists.

In Las Vegas, the median price of a new home was $196,500 in June, compared with $197,945 in May.

Reduced inventory is pushing up overall home prices. The median price of a new home, however, fell 1.9
percent in June from May to $232,600.

Home builders in Las Vegas and Henderson pulled 648 new home permits in June, 41.8 percent increase
from a year ago.