The luck may be turning for Las Vegas' housing market

For the first time in months, local housing prices grew in Las Vegas along with the number of home sales, according to the Greater Las Vegas Association of Realtors. Between 2006 and 2011 home values dropped 58.1 percent in Sin City and the number of people moving out of town significantly outweighed those moving in, The Wall Street Journal reports.

"This was the first time so far this year that both of these key indicators increased in the same month for both single-family homes and for condos and townhomes," said GLVAR president Paul Bell, a longtime local Realtor. "One month doesn't constitute a trend, but it's certainly welcome news to our members and most homeowners to see more homes selling at slightly higher prices."

The number of housing units that were sold grew from 3,902 in April to 3,991 last month. This is an increase of more than 300 homes sold from a year ago. The price of single family homes also grew by $1,000 per unit, but was down 11.3 percent from 2010.  

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