A housing bubble update on Las Vegas. "Valley home sales took an across-the-board shellacking in April. There were only 2,230 new homes sold last month, an 11.5 percent drop from March and 28.7 percent lower than a year ago, reports the Greater Las Vegas Association of Realtors."

"Median home sale prices also softened to $310,000 in April, which is 1.7 percent less than the prior month, but still 5.1 percent higher than a year ago."

"Condo/townhomes saw similar dismal results in April with only 522 sales, which is 19.2 fewer than in March and 29.2 percent less than in 2005. And median condo/townhome sale prices dipped to $202,000, a 1.5 percent drop from March, but still 11 percent higher than a year ago."

"The inventory of homes for sale in Las Vegas reached an all-time high of 18,467 in April, a 29.3 percent increase from a year ago and nearly double the number from two years ago. Available condominiums and townhomes have increased nearly 50 percent to 3,971, largely a result of the trend in apartment conversions."

"'I don't get worried about monthly bites of information,' association President Linda Rheinberger said. 'Knowing that we have record new-home inventory, everything will even out over time. We're still expecting 5 percent to 10 percent appreciation overall this year.'"

"Housing analyst Rick Murray said inventory levels, generally speaking on a local market basis, began to rise fairly sharply and noticeably in the past six months. 'Current market conditions relative to supply and demand would suggest that the housing market will go through a more difficult period,' he said. 'Certainly, fewer people are buying than a year ago.'"

"Rheinberger said Realtors are selling 80 percent of the inventory within 90 days, an indication that people are still buying."

"Statistics from the Realtors' association are based on records from the Multiple Listing Service and do not account for newly constructed homes sold by builders and other transactions not involving a Realtor."