LAS VEGAS (FOX5) — Home prices in Southern Nevada held steady while sales declined in October as higher mortgage interest rates continued to affect the housing market, according to a report released Friday.
Las Vegas Realtors reported the median price of existing single-family homes sold through its Multiple Listing Service (MLS) in October was $475,000. That is up 0.1% from October 2025 and down from the all-time high of $490,000 set in May and June.
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The median price of condos and townhomes sold in October was $279,000. That is down from the previous month and down 2.1% from October 2025. The record high for condos and townhomes is $315,000, set in October 2024.
LVR President George Kypreos said the rise in mortgage rates is showing in the numbers.
“We’re seeing the impact of the recent rise in mortgage rates,” Kypreos said. “I suspect these statistics would look a lot different if rates went back down by a percentage point or so. The demand for homes in Southern Nevada is still strong.”
LVR reported 1,895 existing homes, condos and townhomes sold in October. Compared with October 2025, sales were down 11.9% for homes and down 23.6% for condos and townhomes.
The October sales pace equals nearly a six-month housing supply. One year ago, LVR reported a supply of just over four and a half months.
At the end of October, LVR reported 8,112 single-family homes listed for sale without an offer, up 7.6% from a year earlier. The 2,837 condos and townhomes listed without offers represent a 6.7% increase from a year earlier.
The local sales pace this year has been similar to 2025, which had the lowest annual sales total since 2007, according to LVR. Sales have generally declined since 2021, when LVR reported a record 50,010 properties sold.
Other October highlights
- Time to sell: In October, 72.4% of existing homes and 62.5% of existing condos and townhomes sold within 60 days. In October 2025, 71.7% of homes and 67.5% of condos and townhomes sold within 60 days.
- Cash sales: Cash transactions made up 26.2% of local property sales in October, compared with 26.5% a year earlier. The cash buyer peak was 59.5% in February 2013.
- Short sales and foreclosures: Combined, they accounted for 1.1% of existing local property sales in October, compared with 0.9% a year earlier.
- Total sales value: Transactions tracked through the MLS totaled nearly $1 billion for homes and nearly $116 million for condos, high-rise condos and townhomes. Compared with October 2025, total sales values were down 10.1% for homes and down 22.5% for condos and townhomes.
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