Home sales are slowing in Southern Nevada, report says

Home sales in Southern Nevada dropped 11.9 percent in August, according to new data from the Las Vegas Realtors.

This was also a 1.7 percent drop in sales from August 2025, signaling a slowdown in transactions, said LVR president George Kypreos.

“Local home prices have been pretty stable this year – and really for the past two years or so,” he said in a news release. “It’s not surprising to see sales slowing down a bit, especially considering how mortgage rates have been rising recently and that can be a drag on the housing market.”

The median price for a single-family home last month was $475,000, a 1 percent drop from August 2025 and down from the all-time high of $490,000 set in May and June. The median price of a condo or townhouse sold last month was $299,900, an increase of 0.6 percentage points from August 2025 but below the record high of $315,000 set in October 2024.

Home prices in Southern Nevada went on a roller coaster ride during the pandemic because of a dramatic drop in interest rates caused by pandemic restrictions, COVID-19 lockdowns and supply chain issues. The median sale price of a house has essentially doubled in the past decade in the valley, and elevated mortgage rates that began to increase in 2022 have created a locking phenomenon for the housing market across the country.

LVR reported there were approximately 7,590 single-family homes listed for sale without any sort of offer at the end of August, a 5.3 percent increase from one year earlier.

On top of this, the 2,714 condos and townhomes listed without any offers last month represent a 6 percent increase from one year ago. LVR stats show 2,252 existing local homes, condos and townhomes sold in August and compared with August of last year, sales were down 1.7 percent for homes and down 7.4 percent for condos and townhomes.

“The sales pace in August equates to a housing supply of just over four and a half months, up slightly from one year ago,” reads LVR’s report. “The sales pace so far this year has been similar to 2025, which posted the lowest annual sales total since 2007. Sales have seen peaks and valleys in recent years, generally declining since 2021, when LVR reported a record 50,010 total properties were sold.”