Nice article summarizing the real estate market in Las Vegas in 2006.

In the existing home market, closings were down nearly 23 percent through October while the median home price has increased about $4,000 since December 2005… Inventory jumped from a little over 13,000 in January and surpassed 20,000 for most of the year, a 10-month supply. In a vicious cycle, the inability to sell existing homes prevented many buyers from purchasing a new home.

A common meme now is to state your local real estate market is either in “recovery now or testing the bottom.”

More on Las Vegas real estate here.