Prices, however, were unchanged in Las Vegas. The increase is the latest evidence of a slow recovery
taking place in the housing market.

The Standard & Poor's/Case-Shiller home price index shows that prices rose in 12 of the 20 cities tracked.

Three of the weakest markets showed signs of improvement. Prices rose in Tampa and Miami. The
biggest month to month increases occurred in Phoenix, Seattle and Dallas.

Prices dropped the most in Detroit, Chicago and Atlanta. Still, even though 12 of the 20 cities showed gains, the weaker cities weighed on the overall price index in March. The index edged down to it's lowest level since the housing bubble burst.

Las Vegas based SalesTraq which reports housing data based on escrow closings showed the median existing
home price of $107,000 in April, up from $105,000 in March, and the third straight monthly increase.

The price is up 0.5 percent from a year ago. The mix of distressed properties including foreclosures and short sales is likely driving the pricing dynamic, but increased price stability appears to be prevailing according to Sales Traq.

"Current conditions are translating into increased price stability in selected areas and increased interest in the new construction sector, yet the majority of borrowers remain underwater and a significant number face foreclosure."

Roughly, 70 percent of Nevada mortgage holders are underwater, owing more than their home is worth according to CoreLogic. Home prices in Las Vegas and Henderson are down 60% from their peak in 2006.

"How many homes will eventually be sold or held in REO (real estate owned)? That number may be more than 2 million nationally. Nevada and Florida have the highest concentration of severely underwater homes, so the numbers will be higher in Nevada, Florida and Michigan."

In April, sales of both previously occupied homes and new homes rose near two year highs. Sales Traq reported 596 new home building permits pulled in Las Vegas in April, a 90% increase from a year ago.

New home sales jumped nearly 40% in April, while existing home sales declined 6.2% to 4,713.