Las Vegas single-family home sales fall 11.9% in October

Las Vegas Realtors reported 1,895 existing homes, condos and townhomes sold in October, down from 2,169 in September. Compared with October 2025, single-family sales fell 11.9% and condo and townhome sales fell 23.6%, according to the trade group. The median single-family price was $475,000, up 0.1% from a year earlier and below the $490,000 record set in May and June.

The median condo and townhome price was $279,000, down 2.1% from October 2025 and below the $315,000 record set in October 2024. Unsold single-family listings totaled 8,112 at the end of October, up 7.6% from a year earlier. Condos and townhomes without offers rose 6.7% to 2,837. The October sales pace equals nearly six months of supply, up from a five-month supply in September.

September sales fell 7.4%

Las Vegas Realtors' previous report, released Oct. 6, put the September median single-family price at $470,000, down 1.1% from August and unchanged from September 2025. The condo median was $290,000, down 1.4% from a year earlier. September sales were down 7.4% for single-family homes and 12.6% for condos and townhomes. Unsold single-family listings stood at 7,995, up 6.6%, and condos at 2,796, up 7.3%. That sales pace equaled a five-month supply. The October decline was steeper. The Federal Reserve raised interest rates in mid-September, and mortgage rates rose above 7%, The Center Square reported.

Sales so far this year are on a pace similar to 2025, when the area recorded its lowest annual sales total since 2007, according to Las Vegas Realtors.

Rates and demand

Freddie Mac's weekly survey put the average 30-year fixed rate at 7.40% for the week ending Oct. 8, the highest since Nov. 16, 2023, and up from 6.30% a year earlier. The Mortgage Bankers Association reported purchase applications down 18% year over year for the week ending Oct. 9, with the average contract rate at 7.41%.

Kypreos on rates and inventory

In September, Kypreos said rising mortgage rates were playing a bigger role in the housing market. "We don't know what's going to happen with rates in the near future," he said in a statement. "What we do know is that buying a home is still a great long-term investment and one of the most proven ways for people to build wealth over time."

Kypreos also told The Center Square that higher rates were dropping demand, while the gap between current rates and sellers' existing rates was keeping inventory down. "But that delta between the rates sellers have is so high that they're not willing to bring their homes to market, so inventory's staying down," he said.