The price cuts in one of the nation's hottest real estate markets sent Pulte shares down 7 percent Tuesday to $52.45 after an 8.6 percent decline Monday. It also weighed on others in the housing sector.

But most industry officials shrugged off the news, attributing the move to overly aggressive pricing rather than a slowdown.

"The main thing is, people are seeing that customers do have a limit," said Arthur Oduma, a real estate analyst for Morningstar Inc. in Chicago. He characterized the Pulte price shifts as "a hiccup."

Las Vegas is Pulte's second largest market after Phoenix. Those two are the only markets that represent more than 10 percent of the company's business.

Local housing experts predicted in April that the explosive Las Vegas market would begin to cool down, and there are signs that's starting to happen.

Resale home prices have remained relatively unchanged over the past few months, and sellers no longer are being bombarded by multiple offers topping their list price.

Further, the number of single-family residential units for sale on the Multiple Listing Service grew from 8,654 in April to nearly 15,000 in August, the Greater Las Vegas Association of Realtors reported.

"The market has switched to a buyer's market or normal market," Coldwell Banker Realtor Dave Lampe said Friday. "You look at the MLS, every day there's price reductions, price reductions. You didn't have that three months ago."

• Land scarcity, zoning regulations contribute to higher costs

How do we know whether housing is "affordable"? By watching to see if people buy it. If homebuilders find no one is buying their houses or renting their apartments, they will either start to build less fancy structures they can offer at a lower price, or they will stop building houses and apartments complexes altogether.

But that doesn't seem to be what sundry politicians and others were talking about as they gathered for a discussion of "affordable housing" at the Las Vegas Chamber of Commerce Monday. The complaint was not that local homebuilders have been asking $260,000 for their houses and finding no takers. Rather, the complaint was that people actually buying new houses in Las Vegas are now paying a median price of $260,000, up from the $170,000 they would have paid some 30 months ago.

Because people of less means increasingly find such prices "unaffordable," the government must do something to "narrow the gap," demands George Williams, deputy director of the North Las Vegas Housing Authority. This "narrowing the gap" talk appears to be a euphemism for handing $90,000 in someone else's tax money to middle-class people so they can get a $260,000 house for $170,000.

"If we took a two-week vacation from Iraq," Mr. Williams said, "we could fund the next two to three years" of such subsidies. Really? People will line up for free money. And if we "took a two-week vacation" from guarding the felons in the prisons, we could buy every poor person a hot dog -- including the poor people who would be murdered by the escaped felons.

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