This Wall Street Journal published data last week that supports Frothing Developer’s argument that Las Vegas inventory is falling, and directly contradicts the misleading information published by the GLVAR:
According to ZipRealty, Las Vegas has the fastest falling inventory levels in the country. The 3.5% monthly decline reported here annualizes to a 42% annual decline rate, which would put Las Vegas back at 2004 levels on inventory.
Note that most of the rest of the country is still heading in the wrong direction. Miami and Orlando, which are often mentioned in the same breath as Las Vegas, are not improving their inventory position at all.