Southern Nevada home sales down 10% in October

Southern Nevada home sales were down 10.1 percent in October compared to the same month last year, according to Las Vegas Realtors.

Sales also were down 8.5 percent compared to September, according to the trade association, which pulls its data on the resale market from the Multiple Listing Service.

LVR reported 7,538 single-family homes listed for sale at the end of October without any sort of offer. That’s up 30.3 percent from one year earlier.

Despite a glut of listings and lack of active buyers in the local market, the median price of a single-family house sold in the region was essentially flat from October of last year (down 0.2 percent) and currently sits at $474,370. The median price of a house sold in October was up from September by 0.9 percent.

The all-time record high for the median price of a house sold in Southern Nevada is $485,000, which was set this year.

LVR President George Kypreos said the recent statistics show a switch in terms of who has the upper hand regarding residential real estate: buyers or sellers.

“Local home prices are moderating, with more homes on the market and properties taking a little longer to sell,” he said in a statement. “This shows that the housing market is shifting more in favor of buyers. For people who are prepared and can afford it, it’s a good time to buy.”

Las Vegas Valley residential real estate has been on a roller-coaster ride since the pandemic when interest rates bottomed out, which kicked off a buying and selling frenzy. This was followed by a market slowdown, caused by rising inflation and now a significant portion of potential sellers are locked into low mortgage rates they got during the pandemic, and buyers are not eager to close on properties given the 30-year-fixed mortgage rate has not gone below 6 percent since 2022.

The median price of a local condo or townhome sold last month was $285,000, down 9.5 percent from October 2024, when prices hit a record high of $315,000.

The sales pace in October equates to a housing supply of approximately four and a half months. Last year at this time in the region there was just over a three-month housing supply.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.