It's becoming very difficult for the average person in Las Vegas to afford a home. A new study from the National Association of Realtors ranks Las Vegas number one in the nation for home appreciation.

The study shows the price of an existing home jumped a record 47.3-percent from one year ago. It means that our housing prices are headed in the same direction that southern California homes have gone over the last decade. Every day Realtor Peter Guzman gives a tour to a perspective homebuyer.

One condo that is 1000 square feet sells for almost $200,000 -- sticker shock to some who move to Las Vegas. Tom Cormier has become numb to the cost. He's been looking for his first home for the past six months. "Of course there are lots of places you want, but you cannot afford what you want." As a renter, Cormier watched the price of a home rise. Now he's finding his money doesn't go as far as he thought. "The prices are a little difficult to deal with."

The National Association of Realtors says the median cost of an existing home in Las Vegas is more than $281,000. With a standard 30-year fixed mortgage and 5-percent down you would need to make more than $78,000 a year to barely afford it.

Guzman says that's a double-edged sword. "If you are handling the listing it's great that the appreciation has happened." Guzman grew up in Las Vegas. He believes that housing prices will continue to rise.

Guzman says, "I've always noticed whenever there are a lot of cranes up on the Strip or around town another boom is coming. That's what we are seeing right now." Add that with the fact that 1000 square feet costing $200,000 in Las Vegas would sell for double in southern California. "They don't get sticker shock like locals do."

California investors continue to buy here. Also, people moving to escape prices in Los Angeles or San Diego still find Las Vegas a good deal. Cormier is finding that it's a good deal more than he hoped to spend.

Guzman says his phone is ringing more now than it did last December. He thinks April or May could be almost as busy for home sales as it was at the height of the housing boom one year ago.

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