The index is a six-month forecast from the month of the data, which in this case is April, based on a net- weighted average of 10 series after adjustment for seasonal variation.

The accompanying Review-Journal chart includes several of the index's categories, along with data such as new residents and employment and housing numbers, updated for the most recent month for which figures are available.

Of particular note, visitor volume, passenger counts at McCarran International Airport and gallons of gasoline purchased -- all strong indicators for Southern Nevada's travel and tourism sectors -- contributed in a large and positive manner to the index, said Keith Schwer, director of the Center for Business and Economic Research.

"These are factors driving the index," he said. "Look at the strength of what has happened over the last year. The percent change in each series except one is in double-digits."

Don Brown, a Realtor with Century 21 Lamonte in Las Vegas, has been taking less than his standard commission on home sales for nearly a year, long before the market entered into what he calls a "crisis" in which listings didn't last but a couple of hours.

About all he had to do was put a house in the Multiple Listing Service computer database, sit back and wait for offers, many of them coming in above list price.

The rapid responses helped the Realtor save $200 a week in newspaper classified advertising costs and other expenses that accrue when a house sits on the market for 30 to 90 days.

"My personal feeling is if you save money on marketing, you should pass it along," Brown said. "Reduced commissions made sense for me because I do a lot of referrals and repeat business.

Existing-home sales and new-home sales are expected to reach record highs this year and home prices are expected to grow about 7-8 percent, the National Association of Realtors announced today in an annual forecast that is revised monthly.

The July forecast estimates that the 30-year fixed- rate mortgage will reach 6.7 percent this year. That estimate has been scaled back since last month's forecast, when the association projected a 6.9 percent rate by year-end.

David Lereah, chief economist for the association, said the expected rise in interest rates is good news for the overall economy. "Corporate profits are up 40 percent from two years ago, so companies are spending and jobs are being created at a strong pace," he said in a statement.

"In the housing markets, this is largely neutralizing the effects of modestly higher interest rates. In fact, mortgage interest rates will remain very favorable in historic terms for the foreseeable future," he added. "One concern is for lower-income home buyers who are affected the most by a rise in financing costs - our hope is that the improving job market will provide the means to also afford decent housing at the lower rungs of the housing ladder."

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