The below information summarizes what has been happening in the Las Vegas, Summerlin, North Las Vegas, and Henderson housing market for the last 2 years. You can see in the chart below that listing inventory (yellow line) has grown a bit over the last 2 years and the pending sales (purple line) has also been steadily decreasing. One would think this would lead to less home sales but in fact home closing (blue line) have continued to increase. The disconnect is that there use to be so many distressed sales that would take forever to close with the banks but now with 85% of the market being traditional sales the process has been freed up some.
You can actually roll over the dots in the graph to get actual figures which verifies in 2015 that listing inventory is gradually increasing but closing are happening at a high pace then listings being added. YTD 2015 closings through 8/31/15 are up 4.4%.
My conclusion is that we had an inventory constraint in Las Vegas and now that buyers are getting more desirable product added to the market they are taking advantage and purchasing.