That increase compares with California home prices, which shot up 30 percent, and Florida, where home prices rose 20 percent, according to the survey. The incredible year-to-year increases in Las Vegas home prices should return to some "semblance of normalcy" by the end of the year, said Dennis Smith, president of Home Builders Research.

Some local home builders have even rolled back prices in new subdivisions, he said. His numbers showed resale home prices jumping 45.3 percent to $240,000 in the second quarter. New- home prices rose 25 percent to $241,750.

Smith said his prices are based on actual closings recorded at the Clark County Recorder's Office. The national association's numbers are based on sales reports from real estate agents in the metropolitan Las Vegas area.

The Greater Las Vegas Association of Realtors showed a median price of $329,900 for new listings of single-family detached homes in July, up 78.4 percent from a year ago, based on the Multiple Listing Service.

• The Wall Street Journal
• Posted September 9, 2004

The red-hot housing market is showing its first signs of cooling, and the balance of power between buyers and sellers has begun to shift.

Sales of existing homes fell 2.9 percent in July from June's record pace, according to the National Association of Realtors, and brokers in many areas report that the number of houses on the market is beginning to rise. The result: Buyers are regaining some of their negotiating power and sellers are being forced to lower their sights after years of hefty price increases.

To be sure, home sales traditionally slow during the summer months as families turn their attention to vacations and the coming school year. But the heated spring selling season may have set the stage for a fall slowdown. "There's some indication we're in a transition period ... from a seller's market to a buyer's market," says Tom Kunz, president of Century 21 Real Estate Corp., a unit of Cendant Corp.

And some real estate experts say the recent rise in inventories goes beyond the normal summer slowdown, with more sellers trying to cash out with big gains and more buyers nervous about overpaying at a market peak.

• No surprise-the more a city has to offer, the more it costs to live there

Catch-22 rears its ironic face once again: The more a city has to offer, the more it costs to live there. That's just the way it is. New York City, San Francisco and Honolulu are all beautiful, fun, vibrant cities that each cost an arm and a leg-and that's just counting your security deposit. To find out what cities give you the least bang for your buck, we've used the most recent Cost of Living Index compiled by the ACCRA, a non-profit organization that researches community and economic development. The Arlington, Va.-based company compiles the index from a survey of 314 metropolitan areas of all sizes in North America, taking into account six primary expenses: groceries; housing; utilities; transportation; healthcare; and miscellaneous goods and services. (Note that it does not consider taxes.)

How to Read the Numbers The number that follows each city is its composite index score, with the average being 100. For example, with a composite index of 217.1, the cost of living in New York City is about 117 percent more than the cost of living in the average U.S. city. To extrapolate further, if you earned $100,000 per year in "Average City, U.S.A," you'd need to make $217,000 annually in Manhattan.

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No. 1: New York, New York-217.1 It's the Big Apple, baby, and an expensive apple it is! The town so nice they named it twice also costs more than twice as much to live in as your average U.S. city. So while it may be great for the well-to-do, young people unconcerned with amenities like privacy or those who just have to live there, it's a real struggle for the average family. Housing costs, utilities and groceries are all higher here than any other U.S. city, with housing costing five time the national average. Of course, as with all places, you're paying for location and Manhattan has it all: the best restaurants, world-class museums and a bustling, vibrant, cosmopolitan scene replicated nowhere else.

No. 2: Jersey City, New Jersey-182.8 Well, if you think that location is everything, you must consider why Jersey City, N.J. is ranked just under New York City... New Jersey's second largest city is one mile across the Hudson River from Manhattan, the most expensive city in the country. It is also just five miles from Newark, New Jersey's largest city, which is also in the hub of one of the country's most expensive places to live. From Jersey City, you'll get one of the best views of the Statue of Liberty.

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The Clark County Assessor's Office makes every effort to produce and publish the most current and accurate information possible. No warranties, expressed or implied, are provided for the data herein, its use, or its interpretation. The assessed values are subject to change before being finalized for ad valorem tax purposes. The Assessor parcel maps are for assessment use only and do NOT represent a survey. The Assessor parcel maps are compiled from official records, including surveys and deeds, but only contain the information required for assessment. See the recorded documents for more detailed legal information.

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