Home sellers are thriving in San Jose, San Francisco and Las Vegas, where price cuts are relatively uncommon and homes are sold often at or near their asking price according to a spokesman at Zillow.com.

On the other end of the spectrum, Chicago, Milwaukee and Cleveland are still buyer's markets with homes taking longer to sell and buyers getting an average discount of 5 percent off the asking price.

Zillow analyzed data on sales-to-list price ratios, the number of days listings spent on Zillow and the percent
of homes on the market with a price cut and ranked the 50 largest metro areas.

Las Vegas came in at 0.995 on the sales to list price ratio or half a percent difference between the sale and
list price, and only 18 percent of listings saw a reduction in May. That compares with a 0.949 ratio in Chicago where 40 percent of list prices were reduced in May.

A seller's market is not necessarily one in which home values are rising, but one in which sellers are more
likely to sell their home for close to asking price and where listings spend less time on the market.

A buyer's market is one in which buyers have more bargaining power, thanks to listings lingering longer
on the market and being forced to cut asking prices.

The Las Vegas Realty Association reported that the median single family home price was $131,785 for
June, the fifth straight month of increasing prices.

Banks are putting fewer foreclosure homes on the market than they did in previous years, which is
leading to a tight housing supply that's pushing up prices at least temporarily according to the group's
President.

"It's very competitive out there, people are having to deal with multiple offers. Investors are still out
there because people who foreclosed or went to short sales have to rent for a couple of years so
the rental market is heating up."