We recently examined for-sale home levels in Las Vegas, as shown in the chart below. Although inventories are not as low as they were in 2013, when investment activity was intense, inventory is historically low. Some submarkets and price ranges are extremely constrained. Based on recent sales levels, months-of-supply in the $150,000 - $250,000 range has fallen below one month. Low inventory is not just a local issue but is noted to be an issue in many U.S. markets. Based on today's levels and increasing prices as a reflection of some improving demand over the spring, we can expect summer to be challenging for many prospective buyers. Buyers should be prepared to write very clean offers that lack contingencies are illustrate a strong possibility of being able to close.