Is this a great time to buy in the Southwest? In Reno, Nevada, Broker Thomas Lee is reporting that with a vibrant economy -- this is a good city to buy in.

Companies of all sizes are recognizing the economic benefits of doing business in the region. The Milken Institute recently rated the Reno-Sparks area 26th in its 2007 study of Best-Performing U.S. Cities.

So what about pricing for the buyers?

In December, properties closed for 96 percent of asking price in 126 days -- up from 124 -- for an average $220,000. This is relatively unchanged from the year before.