LAS VEGAS (FOX5) — Local home prices dipped in July from their record high, with inventory and sales remaining relatively stable, according to a report released Thursday by Las Vegas Realtors.
The median price of existing single-family homes sold in Southern Nevada through LVR’s Multiple Listing Service in July was $480,000 — down 1.0% from July 2025 and down 2.0% from the all-time high set in May and June. The median price of condos and townhomes sold in July was $290,000, matching the price from July 2025 and well below the record high of $315,000 set in October 2024.
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“Despite the slight decline in prices during July, we’re seeing a steady demand for homes here in Southern Nevada, and that continues to drive home sales and keep prices near record levels,” said LVR President George Kypreos. “That demand has stayed strong even though mortgage rates have remained elevated.”
By the end of July, LVR reported 7,442 single-family homes listed for sale without any offer — up 4.1% from one year earlier. The 2,719 condos and townhomes listed without offers in July represent a 3.7% increase from one year earlier.
LVR reported a total of 2,587 existing local homes, condos and townhomes sold in July. Compared to July 2025, sales were up 1.2% for homes but down 1.1% for condos and townhomes. The sales pace in July equates to nearly a four-month housing supply, similar to one year ago.
The sales pace so far this year has been similar to 2025, which posted the lowest annual sales total since 2007. Sales have generally declined since 2021, when LVR reported a record 50,010 total properties sold.
Other highlights
- In July, 80.0% of all existing local homes and 67.6% of all existing local condos and townhomes sold within 60 days. During the same month last year, 78.8% of all homes and 73.5% of all condos and townhomes sold within 60 days.
- Cash transactions accounted for 23.9% of all local property sales in July, compared to 23.8% one year earlier and well below the February 2013 peak of 59.5%.
- Short sales and foreclosures combined accounted for 0.7% of all existing local property sales in July, compared to 0.9% one year ago.
- The total value of local real estate transactions tracked through the MLS in July was nearly $1.3 billion for homes and more than $169 million for condos, high-rise condos and townhomes — up 2.1% and 0.4%, respectively, from one year earlier.
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