About 900 Realtors gathered April 26-27 at the Las Vegas Convention Center to take continuing education classes, visit with old friends and take stock of their industry.

Sales of existing homes are already down 20 percent this year after a large drop in 2006, and inventory has swelled to a nearly 13-month supply. Prices are falling as owners have been reluctant to give up gains in appreciation, while latecomers to the market are trying to limit their losses.

The ranks of real estate agents are dwindling; many who joined the profession in the last two to three years are returning to their previous careers.

"This gives us a chance to meet other agents we know and learn new things," said Beverly Noyer, a Realtor with Prudential Americana Rainbow. "It gives us a chance to take stock of where things are and get recharged. We need to be recharged."

Sue Naumann, vice president of the GLVAR, said the real estate agents who attend such trade shows to continue their education and learn about the latest tools and technology are the "cream of the crop" and don't have a problem motivating themselves.

For Realtors like Donna Brass of Liberty Realty, the trade show gives agents a chance to mingle and share their experiences over the past year. Even in a down market, there are opportunities, but she said she's had to work twice as hard to make the same money when the market was heated.

"If you make good money, you have worked so hard," Brass said. "You have to give up your family life and your free time. You work seven days a week, 16 hours a day. That is the part the consumers and public do not see or understand. All they see is you put in the key opening the door and think it looks simple."

Rose Holden has seen it all before in more than 30 years in the business. A broker with Re/Max Advantage in Henderson, she remembers trying to sell homes in the 1980s when interest rates were in the teens. Homes sold because people needed them and as long as interest rates remain reasonable, the market will rebound, hopefully by the end of the year, she said.

She adds the caveat that her crystal ball is broken.

"The mood is typical," Holden said. "Everybody is worried that there's no business, yet a sales agent called me and said there were three offers on this piece of property and asked what to do. The business is still out there. It is just a little slower than they are used to. You have to work a lot, but some people are not used to work."

Many of the newcomers to the industry who lack the experience became an agent when the market was heated and all they had to do to sell a home was list it, Holden said. They thought they could make a lot of money in real estate and now that they're not, they're dropping out of the industry, she said.

"You don't have as many sales as you did a year-and-a-half ago, and you just can't sit in your office waiting for the phone to ring," Holden said. "It is not going to work. You have to get out there and hustle and learn all over again."

Despite the slowdown, Brass called the Las Vegas market phenomenal when comparing it to other cities across the country. The Southern Nevada market had to correct itself given the double-digit appreciation in recent years, she said.

Inventory remains high and sales remain slow because many sellers have been reluctant to lower their price to match what's happening in the market. Homes priced correctly will sell, Brass said.

"The problem is many investors who entered the market late keep wishing for a dream, hoping for a star that's never coming," Brass said. Even banks that take possession of homes are holding out for unrealistic prices, she said.

Brass said she expects prices to drop at least 10 percent. That prediction is in line with those of the Nevada Association of Realtors and other analysts.

"I am not seeing the prices drop yet, and that's surprising me. I think you will see it in six months and in December, they will be crying hard," Brass said. "The best deal ever will be in December. It will be the bargain of a lifetime."

The 71-year-old Noyer, who deals with the senior community, said prices are starting to fall but many seniors are reluctant to cut them because they want to get every penny they put into their home.

Naumann, meanwhile, remains optimistic about the Las Vegas market despite the high inventory. She said people continue to move here and need homes. She said she doesn't expect a big dip in prices, but said sellers will have to become more realistic to sell homes.

"They are going to sell their homes more quickly if they adjust their prices," she said. "They have false expectations of profit. A home they bought for $300,000 three years ago, they expected it to be worth $700,000 today. In reality, it is only worth $500,000, and they think they lost $200,000 in the market rather than see the gain. They are making that adjustment. The market is dictating that."

Naumann said she believes there are plenty of opportunities for long-term investors. With fewer people able to get financing because of a crackdown on subprime mortgages, more will have to rent. That will boost home rental rates and make such investments worthwhile, she said.