Yesterday, the Review Journal pointed out what those of us on the ground already knew: local housing prices are way, way down. The average price decline was 27.7%, and in one zip code the decline was 64% year over year. That’s not from the peak, that’s just a year!

Today, the Review Journal and other sources are reporting the National Association of Realtor’s Chief Ecconomist said the Vegas housing market will be one of the first to recover at a local event. 

There is some evidence to support this theory when you actually look at the data instead of the For Sale signs. Inventory has steadily declined for the last year, and pending sales have trended upwards. Low prices have brought out buyers, including many first time buyers.

Neveretheless, let’s hope Mr. Yun is right about something for a change.