While the data still shows that single family new home permits in Las Vegas were below 500 for the 10th consecutive month, we did see an increase from May to June and sales activity at new home communities is also increasing.  This trend is occurring across the country.

One of the advantages Developer Services has, being part of a highly successful general brokerage, is that we constantly glean information from our sales professionals who are making it happen every day.  With the substantial reduction in resale inventory since the first of the year and many homes receiving multiple offers, some buyers are opting to purchase a new home to avoid the hassle of purchasing an REO property along with numerous other advantages. 

Our friends at Wells Fargo recently provided us with some of the top reasons today's buyers are considering and purchasing a newly built home including:

• Conforms to today's building codes and often have more safety features and fewer health hazards than older homes.
• Offers warranties in case certain problems develop over time - - and the home's major appliances and systems are typically covered by manufacturer's warranties.
• Reflects the latest in modern architecture and layout.  Great rooms, bigger closets and additional bathrooms often replace the formal dining and living rooms found in older homes.
• Is more energy efficient in design with better windows, more efficient heating and cooling equipment and a more extensive use of insulation.
• Is built with materials requiring less maintenance, such as aluminum siding, vinyl windows and pressure-treated wood decks that resist rot and insects.
• Has the ability to be customized more easily than a resale home, since you can often select many options and details ranging from floor plans and paint colors to faucets and light fixtures.
• Boasts wiring for today's technologies such as multiple phone lines, high-speed Internet connections and extra cable outlets.
• Provides additional opportunities to meet new friends as the neighborhood develops and new households move in. 
• With energy costs near the top of consumer concerns, it's good for them to know that today, new homes are more energy- and resource-efficient than ever before.  Through the use of new materials and construction techniques, today's homes are built twice as energy efficient as new homes a generation ago, making them more affordable to own and operate. 

New home construction has and always will be a key driver of GDP for the U.S. economy.  Purchasing a new home supports local jobs and the local economy.

While a large segment of the market will continue to be driven by foreclosures, the new home market, while having experienced its toughest test to date in its history, will survive and eventually stand tall again.