Las Vegas home prices have made a strong comeback from the lows of a few years ago. However, the run up has definitely slowed and has gotten nowhere near the peak prices during the housing boom. As inventory levels increase, market time in increasing in most areas. We are starting to see a pricing hangover. People have been expecting prices to continue to increase just as they did a few years ago but the market it much closer to equilibrium now than it has been in a decades. It seems to be that homeowners are still not ready to lower the prices of their homes as they cling to the hopes of reaching the housing boom highs.
Unfortunately this is not likely to happen any time soon, if ever. If prices dropped 50% that means they have to increase 100% to get back to even. In a few neighborhoods where prices dropped to 50, 000 this has happened but most areas have not seen 100% appreciation and will not see it in the near future. The prices may even pull back some in the next year or two.