Applied Analysis says the number of existing homes on the market was 22,096 at the end of August.

That's 6,672 or 23 percent less when compared with August 2007. There were 7,339 homes under contract at the end of the month, the highest level in more than a year. However, 4,297 are contingent, which in many cases are short sales waiting for bank approval. Also, 3,042 sales are awaiting closure.

Has the market hit bottom in Las Vegas? Not by far, some local realtors say. However as a consumer you may want to avoid trying to time the market and take advantage of deals on homes that are bank owned by as much as up to 50% off of the market highs in The 05-07 levels.

Call 702-217-1680 to discuss your investment opportunities In Las Vegas.