October home sales drop in Southern Nevada as mortgage costs climb

Home sales in Southern Nevada declined in October, according to a report from Las Vegas Realtors released on Thursday. The trade group attributed the drop to rising mortgage interest rates. Median prices for existing single-family homes held steady at $475,000, a 0.1% increase from October 2025. That figure remains below the record high of $490,000 set in May and June.

Condo and townhome prices fell 2.1% from a year ago to a median of $279,000. The record for these property types stands at $315,000, established in October 2024. Freddie Mac’s weekly survey shows the average 30-year fixed mortgage rate at 7.18% this week. This marks the third consecutive weekly decline, though the rate remains higher than the 6.22% recorded a year earlier.

George Kypreos, president of Las Vegas Realtors, stated, “We’re seeing the impact of the recent rise in mortgage rates.” He added, “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.”

A total of 1,895 existing homes, condos, and townhomes sold in October. Existing home sales dropped 11.9% compared to October 2025. Condo and townhome sales fell 23.6% over the same period. Inventory of single-family homes without offers reached 8,112 at the end of October, up 7.6% from the previous year. Listings for condos and townhomes without offers rose 6.7% to 2,837.

Annual sales through October are tracking similarly to 2025, the lowest annual sales total in the area since 2007. Property sales have generally decreased since 2021, when a record 50,010 properties changed hands.