Mortgage rates push Las Vegas home sales down 12% in October

1,895 existing homes, condos, and townhomes changed hands in Southern Nevada during October, according to data released Friday by Las Vegas Realtors. This total marks an 11.9% decline for single-family homes and a 23.6% drop for condos and townhomes when compared to October 2025.

The median price for an existing single-family home remained flat at $475,000 in October. This figure represents a 0.1% increase from the same month last year but sits below the all-time high of $490,000 established in May and June. Condo and townhome prices fell to a median of $279,000, down 2.1% from October 2025 and well below the record $315,000 set in October 2024.

George Kypreos, president of Las Vegas Realtors, attributed the slowdown directly to the current interest rate environment. He noted that the statistics would likely differ if rates dropped by about a percentage point. Kypreos maintained that underlying demand for housing in the region remains strong despite the pause in transactions.

Inventory levels have risen as a result of the slower sales pace. The market now holds enough stock to cover nearly six months of potential sales. A year ago, that supply figure stood at just over four and a half months. Specifically, 8,112 single-family homes were listed without offers at the end of October, a 7.6% year-over-year increase. Condos and townhomes listed without offers numbered 2,837, up 6.7% from the same period last year.

Total transaction values for October reached nearly $1 billion for single-family homes and $116 million for condos, high-rise condos, and townhomes. These totals decreased by 10.1% for homes and 22.5% for condos and townhomes compared to October 2025. Cash sales accounted for 26.2% of all transactions, a slight decrease from 26.5% a year earlier.

The timeline for closing deals showed mixed signals. Seventy-two percent of existing homes and 62.5% of existing condos and townhomes sold within 60 days in October. In contrast, 71.7% of homes and 67.5% of condos and townhomes sold within that timeframe in October 2025. Short sales and foreclosures combined to make up 1.1% of sales, up from 0.9% in the previous year.

Las Vegas Realtors noted that the current sales pace mirrors 2025, the year with the lowest annual sales total since 2007. Sales volume has generally trended downward since 2021, when the market recorded a peak of 50,010 properties sold.