LAS VEGAS (FOX5) — A report released Wednesday by Las Vegas REALTORS (LVR) shows local home prices dipped again in August from their record high, while fewer homes are selling.
LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during August was $475,000. That’s down 1.0% from August 2025 and down from the all-time high of $490,000 set in May and June.
The median price of local condos and townhomes sold in August was $299,900. That’s up 0.6% from August 2025, well below the record high of $315,000 set in October 2024.
“Local home prices have been pretty stable this year, and really for the past two years or so,” LVR President George Kypreos, a longtime local REALTOR, said. “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.”
Listings and sales
By the end of August, LVR reported 7,590 single-family homes listed for sale without any sort of offer. That’s up 5.3% from one year earlier. The 2,714 condos and townhomes listed without offers in August represent a 6.0% increase from one year earlier.
LVR reported a total of 2,252 existing local homes, condos and townhomes sold in August. Compared to August 2025, sales were down 1.7% for homes and down 7.4% 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. 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.
Other highlights
In August, 74.8% of all existing local homes and 68.9% of all existing local condos and townhomes sold within 60 days. During that same month last year, 77.5% of all homes and 72.2% of all condos and townhomes sold within 60 days.
During August, LVR found that 21.9% of all local property sales were cash transactions. That’s down from 22.9% one year earlier, well below the February 2013 cash buyer peak of 59.5%.
The number of so-called distressed sales remains near historically low levels. LVR reported that short sales and foreclosures combined accounted for 1.0% of all existing local property sales in August. That compares to 0.5% one year ago.
The total value of local real estate transactions tracked through the MLS during August was nearly $1.2 billion for homes and more than $136 million for condos, high-rise condos and townhomes. Compared to one year earlier, total sales values in August were up 7.8% for homes, but down 13.7% for condos and townhomes.
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