If you're thinking about buying a new home, you may want to jump into the market soon.
Local home prices are still going up, but it's not slowing down sales. Now, some builders are creating new homes with a more affordable price tag.
One of the newest communities benefiting from the housing market boom in the valley is the Desert Mesa Community in North Las Vegas.
Brian Kunec of KB Homes says, "When we opened this community which was this past weekend for sales we actually had seven homes started already that we started unsold and we sold six or seven of them already."
There will be 126 homes in the new North Las Vegas neighborhood.
In a market where there's a shortage of homes for sale and prices are surging, its builders, KB Home, is attracting first time home buyers with low prices.
Right now, a median price for an average home in the valley is about $261,150. KB Homes are selling units starting at $190,000.
"We build very open and efficient floor plans. So that allows us to come in with a competitive price," says Kunec.
In Henderson, units selling for under $300,000 at Loretto Bay are also selling quickly. Eleven units have been up for sale since late last year. As of today, only one of those units is available.
So if you're thinking about buying a new home, especially for the first time, Steve Lee of New American Funding says, "There's different programs that help especially first time home buyers to buy a home with little or very little money."
And even though it looks like a huge investment, buying your first home could end up saving you more money.
"A lot of people when we look at them what they're paying for rent versus what they could buy and pay mortgage-wise. Typically the mortgage payment is cheaper," said Lee.
