Homebuyers Benefit from More Affordable Prices This Season

In August, Southern Nevada's median home price fell 1% to $475,000 from its peak, while condo prices rose slightly to $299,900 but remained below their record high. Home and condo sales declined by 1.7% and 7.4%, respectively, with inventory increasing by about 5-6%. Sales pace suggests a 4.5-month supply. Cash sales dropped to 21.9%, and distressed sales stayed near historic lows at 1%. Total home sales value rose 7.8%, condo sales value fell 13.7%.