LAS VEGAS -- There are encouraging new real estate numbers for sales in June. Home sales hit an all-time record. But what does that really mean?

While it’s not bad news, it's not something to get excited about. There are a lot of homes on the market, many of them foreclosures, meaning sales may be up, but for sellers, the price is holding steady.

People bought homes in Las Vegas at a record pace last month, and the numbers were impressive.

There were 4,702 sales, nearly 3,800 of them were single-family homes. That's up 16 percent from May and 70 percent from June of last year.

Condominiums and townhomes rocketed to sales numbers that triple last year’s figures.

It's good news for Realtors like Rick Shelton.

“We're definitely headed down the right road. Things are positive, and they are moving in the right direction. It is absolutely the time to buy for certain buyers -- people looking for investment properties, rental properties, for people looking for their first home acquisition and smaller priced housing -- now is the time,” Shelton said.

Low prices, low interest rates and an $8,000 tax credit for first-time buyers has inventory flying off the shelves.

The differences from June of 2008 to June of 2009 are huge. Closings are up 82.5 percent. Pending sales are up 82 percent, and inventory is down 40 percent.

Foreclosures continue to drive the market.

“It's now a matter of what's the bottom, dictated by supply and demand. What's the values the banks are willing to give these properties away at,” Shelton said.

As the inventory drops, the banks will demand more money -- and that's when home values will head back up.

Right now, they're holding steady at a median price of $140,000 -- comparable to 2001.

Shelton said the key isn't to necessarily watch Las Vegas -- it's to monitor the rest of the country.

“So goes the rest of the country, so goes Las Vegas. We're tourism-driven, so we need other city's economies to be bolstered and healthy as well,” Shelton said.

So what if your home has lost a ton of money, and you can't afford to sell for a big loss?

The thing to look for is the point when a lot of the foreclosure inventory is gone – it will take builders time to ramp up new developments, and then the other homes on the market will see the price drive up.

But don't hold your breath--- it will likely be a while.

There's still skepticism though. A new survey that will be released Thursday shows that more than half of people ready to buy a home are holding back because of the economy.