Southern Nevada homes on market jump 37% in August, median sale price down

Roughly 7,206 single-family homes were on the market for sale at the end of August without any sort of offer, according to LVR, which pulls its data from the Multiple Listing Service, where the vast majority of homes are listed for sale.

This is on top of an additional 2,560 condos and townhomes on the market, a 56.1 percent jump from August of last year.

Home sales were down 14.2 percent in August year over year, according to LVR.

Sales of condos and townhomes are down 15.4 percent year over year.

Home prices in Southern Nevada also dropped just below record highs in the month of August, as the median price for an existing residential property sold was $480,000, down $5,000 from the record high that was first set at the start of 2025.

LVR President George Kypreos said these numbers are actually a “sign of stability in our local housing market.”

“Home prices here in Southern Nevada haven’t moved much this year,” he said in a statement. “Besides having more homes on the market to choose from, buyers should also be pleased to see mortgage interest rates going down this month.”

Many potential homesellers aren’t entering the market as they are locked into ultra-low mortgage rates secured during the pandemic. Mortgage rates — currently at 6.5 percent for a standard 30-year fixed-term loan — and economic uncertainty are keeping many potential buyers on the sidelines.

In August, approximately 77.5 percent of all homes sold within 60 days, which is also down year over year, according to LVR. In August 2024, 86.5 percent of all homes sold within approximately two months. Additionally, 72.2 percent of all condos and townhomes sold within 60 days this August, down from 82.9 percent from August 2024.

The value of single-family home sales processed through the MLS last month was $1.1 billion, down 12.9 percent from August of last year. The sales value of condos and townhomes in August was at $156 million, a 9.7 percent drop from the same month last year.

Southern Nevada homebuilders also are selling and building fewer homes, according to the latest data available.

Builders closed 802 home sales in the Las Vegas area in July, down 23 percent from the same month last year, according to Las Vegas-based Home Builders Research.

The median closing price, $519,975, was up 7 percent from a year earlier.

Amid the drop in sales totals, builders have drastically scaled back their construction plans, pulling 804 building permits in July, down 39 percent from a year earlier.

Contact Patrick Blennerhassett at pblennerhassett@reviewjournal.com.