There is more bad news for consumers in the Las Vegas real estate market according to the Greater Las Vegas Association of Realtors.

According to GLVAR the inventory of Las Vegas homes for sale on the MLS (Multiple Listing Service) are on a major downward spiral.

The numbers show that in November there were 19,729 less homes on the MLS or down 16 percent from the previous month.

However it does depend on how you look at the situation, half full or half empty. Linda Rheinberger, who is the president of the Realtors association, says that while this number is lower than usual, it is still up 34 percent from a year ago.

Rheinberger says these numbers are a good sign for the market. The numbers appear to have peaked at 23,474 in October of this year.

It peaked at an outstanding number, and now the numbers are starting to level out.

"I think people are finally starting to listen and read the news," Rheinberger says, "They understand that market conditions are not what they were yesterday and who knows what they will be like tomorrow. It's a different environment. They're not going to attain the results of 2004. The market has changed".