September marked the sixth consecutive month in which sales of existing single-family detached houses rose on a year-over-year basis.

Lower prices, especially among foreclosures, are fueling the recent burst in sales, which were the highest for a September since 2005.

The median price paid for all homes sold in the Las Vegas metro area was $205,000 in September, down 4.7% from $215,000 in August and down 29.1% from $289,000 in September 2007.

The median sale price has fallen on a year-over-year basis for 17 consecutive months and is now 34.3% below the region's peak $312,000 median in November 2006. September's median was the lowest since it was $200,000 in February 2004.

The median price paid for resale single-family (detached) houses fell to $196,000, down 30.6% from a year ago. That median was last below $200,000 in December 2003, when it was $193,000.

Another gauge analysts watch suggests greater price declines: The median price paid per square foot for resale detached houses fell to $108 in September, down 34.9% from a year ago and down 43.2% from the $190 peak reached in June 2006.

The median sale price - the point where half of the homes sold for more and half for less - has plunged for several reasons: Widespread home price depreciation; higher prices and qualifying standards for "jumbo" mortgages, which has undermined higher-end sales; and buyers' preference for discounted foreclosures.

About 82% of the Las Vegas-area houses and condos that resold in September had been foreclosed on at some point in the prior 12 months. For more information check out the Buy vs Rent calculator on BankingMyWay.

—For more ways to save, spend, invest and borrow, visit MainStreet.com.