LAS VEGAS -- The Las Vegas housing market continues to slip.

A nationwide housing index shows prices in Sin City fell 28.4 percent in the month of May.

One realtor said she is readjusting prices right now.

The Valley is full of for sale signs, for those who are selling, the news is not good. The Case-Schiller Housing Index shows home prices fell by the steepest rate ever in May, and Las Vegas is down 28.4 percent.

"That could very well be true," said Patty Kelly, president of the Greater Las Vegas Association of Realtors.

She said two out of three homes are being sold after foreclosure, bringing down median sales prices.

Kelly said that makes it a great market for buyers.

"It’s a buyer’s market for sure. I moved here from Jersey. I'm going to rent first but seriously look hard in this area," said resident Bert Potts.

The housing index has not reported an overall rise in home prices in any month since August 2006.

Housing experts said they anticipate the slump lasting another 12 to 18 months, but they said Las Vegas is still a growing market.

Nationwide, the 10-city index has fallen 16.9 percent, the biggest decline in its 21-year history.

The steepest decline is in Las Vegas.