Las Vegas Home Sales Double

Another gauge analysts watch suggests greater price declines: The median price paid per square foot for resale detached houses fell to $108 in September, down 34.9% from a year ago and down 43.2% from the $190 peak reached in June 2006.

The median sale price - the point where half of the homes sold for more and half for less - has plunged for several reasons: Widespread home price depreciation; higher prices and qualifying standards for "jumbo" mortgages, which has undermined higher-end sales; and buyers' preference for discounted foreclosures.

About 82% of the Las Vegas-area houses and condos that resold in September had been foreclosed on at some point in the prior 12 months.