In Business Las Vegas reports from Nevada. "The price of new homes has tumbled nearly 10 percent this year, the inventory of existing homes has reached an all-time high and bank repossessions accounted for a greater percentage of existing home sales in Las Vegas, according to the March housing statistics. The median price of new homes sold in March was $308,471, down nearly 10 percent from $341,990 in December."

"The new-home market rebounded slightly in March with 1,771 sales, up 330 from February, but sales were down nearly 51 percent from March 2006."

"Dennis Smith's HomeBuilders Research reported Tuesday that there were 5,204 new-home sales in the first quarter, the fewest since 2001. 'The first quarter of 2007 will go into the archives as one that most in the homebuilding industry would like to forget,' Smith said."

"Don Boettcher, an area VP with Pulte Homes, said the price reductions are a reflection of the softening housing market. In a competitive market, it's part of a 'continuing correction of supply and demand.'"

"Since January, Smith said the price of new homes has dropped nearly $29,000 or 9 percent. He attributes part of the decrease to sales of condos on Las Vegas Boulevard South, with 37 at one project selling for less than $300,000."

"On the existing home market...402 or 13 percent of those 3,175 sales were bank repossessions, the first time that figure has reached double-digits in Las Vegas in history, SalesTraq reported."

"Bank repossessions accounted for 9 percent of the existing home closings in January and February."

"The drop in new-home prices isn't surprising given the large number of existing homes on the market, said Monica Caruso, spokeswoman of the Nevada Home Builders Association. SalesTraq reported the 22,970 existing homes on the market in March was the highest in history and represents a 13-month supply."

"'It is having a tremendous impact (on new home sales and prices) because there are a significant number of existing homes that are essentially brand new homes,' Caruso said. 'They have never been lived in. Homebuilders are competing against that housing. This has to do with supply. If new homes are sitting on the market and not selling, prices have to come down.'"

"That competition is borne out because 44 percent of homes listed for sale on the MLS remain vacant, SalesTraq reported."

The Record Courier from Nevada. "As the hot, summer, home-selling season approaches, builders and agents are confident that decreasing prices will draw more buyers to Carson City."

"Average home prices have stayed in the mid-to-low $300,000 range. Median prices reveal a market that has dipped back under the $300,000 mark."

"Last year, Carson City’s housing market saw the fewest number of homes sold in 18 years, at the largest average sale price ever recorded by the city assessor’s office, which has tracked all home sales since 1988."

"Residential home building will increase in the next few months, said Rick DeMar, CEO of the Builders Association of Western Nevada."

The Arizona Republic. "It's now been one year since work stopped on Elevation Chandler, the forlorn skeleton of a high-rise hotel next to Chandler Fashion Center."

"Last April, workers walked off the job because they weren't getting paid by developer Jeff Cline. Now, after a year that included liens and settlements, the property is for sale."

"'We certainly hope someone comes along with the wherewithal to finish it,' said Doug Ballard, the city's director of planning and development."

The Salt Lake Tribune from Utah. "Wasatch Front real estate agents say the changing market represents some challenges for both buyers and sellers. Trying to move a higher-priced home? Be prepared to face longer waits or drop your asking price."

"The market may be slowing, but make a lowball offer at your own risk. Some sellers, burdened with large first and second mortgages, simply cannot lower their asking price much."

"Salt Lake County's median selling price was up nearly 20 percent in the first quarter to $241,000 compared with the first three months in 2006, according to the Salt Lake Board of Realtors report. Davis County prices were up 25 percent to $218,000, while Tooele jumped nearly 31 percent."

"Four percent fewer homes sold in Salt Lake County in the first quarter of 2007 compared with 2006. Sales were down nearly 2 percent in Davis and Tooele counties; Salt Lake County was off more than 4 percent."

"Those aren't bubble-bursting drops by any means. But 'things are definitely slowing down a bit, especially in the higher price ranges,' said Gary Cannon, president of the Salt Lake Board of Realtors."

"Linda Coleman, a real estate agent specializing in the Sandy-Draper area, said she has been amazed at how much the asking price influences how long it takes to sell a home right now. Coleman said in her area of the valley, homes under $400,000 are still selling briskly. Above that amount? 'It's going to sit on the market for a while,' she said."

"Her advice for sellers is to get real: 'People are thinking the market is as good as it was last year,' she said. 'It's not.'"