Las Vegas home buyers pulled back a bit in September, and the resale market is giving them more choices than it did a year ago.
Las Vegas Realtors reported Tuesday, Oct. 6, that local home prices and sales declined in September as mortgage rates went up, according to the group's monthly release.
The median price of existing single-family homes sold through the association's Multiple Listing Service was $470,000. That's down 1.1% from August and the same as September 2025. It's also below the all-time high of $490,000 set in May and June.
Condos and townhomes had a median price of $290,000, down from August and down 1.4% from a year earlier. That's well below the record of $315,000 set in October 2024.
"Recently rising mortgage rates are playing a bigger role in the housing market," said George Kypreos, president of Las Vegas Realtors. "As NAR Chief Economist Lawrence Yun told our members at an LVR event last week, we don't know what's going to happen with rates in the near future."
Kypreos added 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."
Fewer sales, more listings
A total of 2,169 existing homes, condos and townhomes sold in September. Compared with a year earlier, home sales were down 7.4% and condo and townhome sales were down 12.6%.
At that pace, the valley has about a five-month supply of homes, up from roughly four months a year ago.
By the end of September, 7,995 single-family homes were listed for sale without any offers, up 6.6% from a year earlier. Another 2,796 condos and townhomes were listed without offers, up 7.3%.
The association said this year's sales pace is similar to 2025, which had the lowest annual total since 2007. Sales have generally declined since 2021, when the group reported a record 50,010 properties sold.
Homes are still moving, though. In September, 75.9% of existing homes and 70.5% of condos and townhomes sold within 60 days, up from 72% and 67% a year earlier.
Cash, distress and dollar volume
Cash deals made up 23.5% of local sales in September, compared with 23% a year earlier. That's far below the February 2013 peak of 59.5%.
Distressed sales remain near historic lows. Short sales and foreclosures together were 1.1% of existing sales in September, up from 0.5% a year ago.
The total value of homes sold through the MLS in September was more than $1 billion, plus more than $127 million for condos, high-rise condos and townhomes. Those totals were down 10.3% for homes and 14.4% for condos and townhomes from a year earlier.
One important caveat for builders: the association's numbers come from its MLS, which does not account for all newly built homes sold by local builders or homes sold by owners. So this is a picture of the resale market, not new construction.
That gap matters. With the resale median near $470,000, lower-priced new homes and state help for working buyers stand out. Lennar, for example, says homes at The Foundry, its new community on the former Cashman Center site in downtown Las Vegas, will start in the $300,000s. And the state has now awarded about $100 million from its Nevada Attainable Housing Account to help get homes and apartments built for working households who earn too much for traditional affordable housing.
A five-month supply is still on the tight side by the usual real estate yardstick, which treats roughly six months as a balanced market. But the trend line is moving toward buyers.
Las Vegas Realtors, formerly the Greater Las Vegas Association of Realtors, was founded in 1947 and has nearly 15,000 members.
Why it matters for Contractors
Resale numbers aren't new-home numbers, but they shape what builders can charge and how fast they can sell. With almost 8,000 existing homes listed without offers and a five-month supply, buyers have more choices, and builders competing for those buyers may lean harder on incentives or smaller, cheaper plans. That can mean tighter bids and a closer look at costs for framing, concrete, roofing and finish subs. Still, prices are holding near $470,000, distress is low and homes are selling within 60 days, so this is a market that's cooling, not cracking. Contractors who work for Las Vegas builders should watch mortgage rates and builder start schedules closely heading into 2027.