During 2012, the Las Vegas real estate market fluctuated drastically. With the average price of a single-family home increasing close to 25 percent, real estate changes that hinged primarily on foreclosures shifted to short selling homes. Accounting for over 45 percent of sales in December 2012, short sales swept the valley. Dropping down nearly 10 percent, however, foreclosures slowed dramatically overall.

The last time home prices gained appreciation this significant in Las Vegas was in 2004. Rising home prices in the valley are definitely a topic of interest and conversation in the current Nevada real estate market.

The debt relief act is helping underwater homeowners rethink their current real estate situations. By taking advantage of the act, homeowners can avoid having to claim the forgiven debt as income that could potentially be taxable. Currently, Las Vegas real estate agents are noticing an increase in more traditional home sales (without the involvement of a lender). Las Vegas real estate and home prices are rising rapidly, including townhomes and condominiums. On average, Las Vegas realtors have reported close to 56 percent of homes that were sold in the last quarter of 2012, were paid for in cash.