Las Vegas home price report for 2006 upbeat.

There has lately been quite a bit of talk and predictions about a housing bubble here. The super-heated real estate market of yesterday had homeowners purring, then came the wall, which always follows this type of stimulation according to economic theory, and the excitement quickly turned into fears of a crash. Or something along those lines. Bad anyway.

The local economy continues to grow, though, and our population does the same and in the process prevent a steep drop in home values. Or any drop. A major correction did occur and it's healthy. More sustainable in the long haul. According to a Las Vegas real estate analyst the median existing home price actually increased 3.6% valleywide to $285,000 in 2006. Small hike, yet positive. His breakdown by ZIP code shows how some areas managed a gain and some didn't. We're still moving in the right direction.