Prices edged up slightly from the previous month according to the Greater Las Vegas Association
of Realtors.

Realtors sold 2,890 single family homes during the month, a 10.1 percent decrease from June and
a 8.7 decrease from the same month a year ago.

The median price rose 0.9 percent during the month, to $133,000, the sixth straight month of increasing
prices, up 9 percent from a year ago.

Some housing market observers believe that the price increase is artificially induced and that prices
will fall again when lenders start unloading their"shadow inventory."

CoreLogic financial analysis firm estimates 58,000 Las Vegas homes are in some stage of default.

Association President Kelley said, "I think lenders are trying to get hold of people in default and go
through with the short sale."

The latest statistics show that about 40 percent of closings are short sales. Foreclosures have
dropped to about 20 percent of closings, compared with a high of nearly 50 percent in recent years.

The largest quarter over quarter gains in asking prices were recorded in Tuscon, San Jose and
Phoenix. Las Vegas was up among the top ten gainers with a 4.5 percent increase of asking
prices in the second quarter, with none of the metro areas in Florida on the list.

The median price for 3,496 new listings in Las Vegas and Henderson in July was $149,500,
up 3.2 percent from June and up 15.1 percent from July a year ago.

The inventory of single family homes available for sale in Las Vegas without a pending offer
grew 16.3 percent to 4,293 units in July, down 60 percent from a year ago.

There were 682 condo and townhome sales in July at a median price of $66,500, down 3.2 percent
from the previous month, but a 12.7 jump from a year ago.