While U.S. home prices fell, Las Vegas led the nation with a 12.8% price gain in July 2014. Still, Las Vegas market conditions have eased considerably, as investors lower their level of activity, leaving room for buyers who actually intend to occupy a home.  Recent GLVAR data for September 2014 is consistent with this view.

Las Vegas Home Market Up 12.8 Pct

Las Vegas Review-Journal October 8 2014