November's sales of existing homes fell to their lowest level in eight months, reports the New York Times. The numbers come from the National Association of Realtors and indicate that the housing slowdown across the country is well under way.

The sales numbers have dropped and the number of homes on the market has risen but prices and overall totals for the year are remaining strong.

"We will see a slowdown in housing but the slowdown is not going to be severe," J.P. Morgan Asset Management Economist Anthony Chan tells the paper. "We have every reason to believe that we are very close to the end" of the peak.

The Las Vegas housing market will probably soften slightly next year but it will look like a boom compared to anything but the 2005 market.