The Greater Las Vegas Association of Realtors says the median home price here in the valley last month was 250,000 dollars. That's up from 175,000 dollars a year ago.

Homes don't spend much time on the market in Las Vegas. Las Vegas continues to be the fastest home selling market in the country. Most homes are sold at or above list price. Nearly 80-percent of homes are sold within 30 days of being put on the multiple listing service. A plan is in the works to keep your monthly house payment from going up every year. A Reno Assemblywoman is pushing the effort to halt rising property taxes. The proposed constitutional amendment is similar to California's controversial proposition 13, which passed in 1978.

The measure would freeze the amount you pay in property tax at one-percent of assessed value of your home three years ago. Then it could only go up a maximum two percent each year. Anything more would require a two-thirds vote of the people. The measure would also allow property to be reassessed only after it was sold. Supporters need to gather 51- thousand signatures by mid-June to qualify for the November ballot.

Assemblywoman Sharon Angle says the initiative will protect seniors and young families from big property tax increases. But opponents say the plan would take much-needed money from counties and school districts.

Buying a home in a hot housing market is a huge challenge for many around the valley. Low interest rates, huge demand, and not enough supply have made home prices shoot through the roof. News 3's Ben Correa has some secrets that may help you find that dream home. Be patient and compromise are some key ingredients to finding a home in the Las Vegas area. With interest rates climbing, more homes are up for sale and prices are finally leveling off.

"You get out there, you are looking for the house you think is right, then they have them tell you that it's not the house you will get or qualify for." Buying in southern Nevada was a huge learning experience for Amanda Kreitlow and her family. Amanda and her husband found the perfect home, but that home was located in a part of town her family did not think about living in.

Experts say the real estate market is changing all around the area. In some areas you can buy a new home without sitting on a waiting list. Agents say Las Vegas is still a sellers market, but homes are on the market longer and buyers are not paying over list price. "This a cute house that could be a bargain. They have redone the kitchen and put tile floors in. It has a nice, spacious feeling." Realtor Dawn Lane says owning a home can still be a dream come true for some valley families.

If buying a new home is out of your reach, that dream home could be in an older Las Vegas neighborhood. "Don't be stuck on a certain area or a certain type of house, or square footage. There may be something like a diamond in the rough right around the corner that may be 50 square feet less, but it would work."

By Steve Kerch, CBS.MarketWatch.com Last Update: 11:34 AM ET June 3, 2004

CHICAGO (CBS.MW) -- Fixed rates for U.S. mortgages edged lower in the week ending Thursday, but adjustable-rate loans jumped after dropping a week ago, Freddie Mac said.

The national average interest rate on the 30-year, fixed loan was 6.28 percent, down from 6.32 percent a week earlier. The decline marked only the second week in the last 11 that the benchmark loan has shown a drop.

The 15-year mortgage, a popular refinancing choice, slipped to 5.63 percent from 5.69 percent. The one- year, Treasury-indexed ARM was up to an average 3.98 percent from 3.89 percent a week ago.

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