"You have to really be a student of the market, build consumer confidence ... it's all about confidence."
The health of the U.S. housing market, mired in a three-year slump, is one of the key issues facing the economy. Though sales may be recovering, analysts cautioned that prices will take longer to stabilize because of the glut of unsold properties for sale. Prices are unlikely to rise until foreclosures start declining, and that's unlikely to happen before the end of next year.
The national median sales price in April plunged more than 15 percent from year-ago levels to $170,200, driven by sales of inexpensive foreclosures and other distressed, low-end properties. That was the second-largest yearly price drop on record, according to the Realtors' group.
In Clark County, the median sales price in April was $218,250, down from $249,764 in April 2008.
Gene Thompson sees buyers motivated by historically low interest rates and the first-time home-buyer incentive.
"We see a healthy market in Clark County of between 500 and 600 home sales a month," Thompson said. "I think that's where we're headed ... I'm cautiously optimistic."
In April, 371 new and pre-owned homes sold in Clark County, down from 452 in the same month a year ago and about even with March's 394 sales.
"We're seeing more interest from first-time buyers who have been living in rental housing or at home with their parents," Oaks said.
Still unknown
Still unknown is the effectiveness of Obama's $50 billion plan to prevent foreclosures by modifying loans in bulk. Analysts are growing worried that it will not have a substantial impact.
"I haven't seen evidence yet of any significant modifications," said Mark Zandi, chief economist at Moody's Economy.com. "I was hoping that we would see more of a pickup."
While economists nationally are encouraged by signs that demand for housing has returned, the outlook is far from sunny. Mortgage rates are rising, making homes less affordable for many borrowers. The average rate for a 30-year, fixed-rate mortgage is around 5.3 percent this week compared with about 5 percent last week, according to Bankrate.com.
The Associated Press contributed to this story.
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