There have been many things happening the past few months to indicate to where the Las Vegas real estate market is going. Recently sales of new homes fell in October by the largest amount in three months.

Local experts say that this is a sign of the cooling taking place after the sizzling housing market. Wednesday the Commerce Department reported that new home sales dropped the most since July when home sales plunged by over 9%.

According to the report new home sales totaled at 1.004 million at a seasonally adjusted annual rate of 3.2% decline from September.

Some experts were baffled as to why with these conditions home prices are rising. Home prices fell towards the end of August and September, but in October began to rise again.

In October the median price of a new home was up almost 2% from the same month a year ago.

Sales seem to be falling throughout the country except in the West, where it seems as thought homes will continue to fly off the market.