Southern Nevada Homebuyers Gain Leverage as Sales Ease in August

Southern Nevada home sales fell 11.9% in August year-over-year, with median single-family home prices nearly steady at $475,000. Elevated mortgage rates, averaging 6.71%, have reduced buyer activity, increasing inventory by over 5%. Condo and townhome sales also declined, though their median price rose slightly. New home sales dropped 22%, but new construction prices remain higher than resales. Affordability remains a major issue, with only 18.5% of listings affordable to median-income households. Luxury home sales increased 13.6%, highlighting a market split.