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Las Vegas Home Sales Fall Again in October as Mortgage Rates Weigh on Buyers
Sales of existing homes in Southern Nevada dropped 11.9% year-over-year in October, with condos and townhomes down 23.6%, as higher mortgage rates kept buyers on the sidelines despite steady demand. The median single-family home price held at $475,000, barely budging from last year but below the spring peak.
LAS VEGAS â Home sales across the Las Vegas Valley continued their slide in October, with higher mortgage interest rates dampening activity even as prices held nearly flat, according to data released by Las Vegas Realtors.
The median price of an existing single-family home sold in Southern Nevada last month was $475,000, up just 0.1% from October 2025, when the median stood at $474,370. That figure remains below the all-time high of $490,000 reached in May and June of this year.
Condominiums and townhomes told a different story. The median price for those properties fell to $279,000 in October, down from September and 2.1% lower than the same month a year ago.
In total, 1,895 existing homes, condos and townhomes changed hands in October. Compared with October 2025, single-family home sales fell 11.9%, while condo and townhome sales plunged 23.6%.
"We're seeing the impact of the recent rise in mortgage rates," said George Kypreos, president of Las Vegas Realtors, in a statement. "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."
The October sales pace translates to nearly six months of housing supply. There were 8,112 single-family homes and 2,937 condos and townhomes listed without offers during the month â increases of 7.6% and 6.7%, respectively, from a year earlier.
Las Vegas Realtors noted that sales so far this year are tracking similarly to 2025, which recorded the lowest annual sales total since 2007. The combination of elevated borrowing costs and a growing inventory of unsold homes could give prospective buyers more leverage, though affordability remains a challenge for many local households.
For a region whose economy is closely tied to housing and construction, the persistent slowdown in sales volume â even with prices holding steady â signals that the market remains sensitive to interest rate shifts. Industry watchers say a meaningful drop in mortgage rates would likely be needed to unlock demand and bring more balance to a market that has favored sellers for much of the past decade.