National Home Prices Are Up 3.8 Percent. Las Vegas Is Up Just 1.3 Percent

by Ryan Rose

What Happened

On Oct. 20, Redfin published its September Home Price Index report. The article, by Redfin data journalist Dana Anderson, ran under the headline "U.S. Home-Sale Prices Ticked Up 0.25% in September."

Here are the national numbers. Redfin says U.S. home-sale prices rose 0.25 percent from August on a seasonally adjusted basis, up from a 0.21 percent gain the month before. Prices were up 3.8 percent from a year earlier. Redfin says that is the fastest annual growth since June 2025.

Redfin also broke the numbers down by metro. Prices rose month over month in 34 of the 50 most populous metros and fell in 16. Over the full year, the biggest gains were in San Francisco at 14.0 percent, West Palm Beach at 10.4 percent, Chicago at 10.3 percent, Miami at 8.2 percent and Philadelphia at 7.6 percent. A handful of metros fell from a year ago: San Antonio at 2.1 percent, Dallas at 1.5 percent, Austin and Seattle at 0.2 percent each, and Fort Worth and Houston at 0.1 percent each, based on Redfin's metro table.

The month-over-month list looks different. Redfin says the biggest one-month gains were in Philadelphia at 1.9 percent, Pittsburgh and Miami at 1.3 percent each, and Chicago and San Francisco at 1.0 percent each. The biggest one-month drops were in Fort Worth at 0.9 percent, New Brunswick, New Jersey, at 0.6 percent, and Dallas, Seattle and Nassau County, New York, at 0.4 percent each.

Las Vegas sits in the middle, but close to the flat end. Redfin's table shows Las Vegas prices down 0.1 percent from August and up 1.3 percent from a year earlier. So Las Vegas is not one of the metros where prices fell over the year. But it is far behind the national average and far behind the hottest markets.

Redfin explained why national prices keep rising even though buyers have more leverage. It says buyers have more negotiating power than they have had in over a decade. But many sellers are not desperate. A lot of owners have built up enough equity to wait instead of taking a lowball offer, and some are pulling their homes off the market. Redfin says that keeps a floor under prices. It also points to stronger demand at the luxury end. In the metros where prices are falling, such as Fort Worth, Dallas and Seattle, Redfin describes buyer's markets where sellers may need to cut prices to attract buyers.

Two-story tan stucco homes with clay tile roofs under a blue sky, the style of home common across Las Vegas neighborhoods where prices are close to flat

Why It Matters to Las Vegas Residents

Most people hear about home prices from national news. That news is usually built on national numbers. Right now, those numbers say prices are up 3.8 percent in a year. In Las Vegas, Redfin says the gain is 1.3 percent. That is a big difference, and it changes the advice for both buyers and sellers here.

It helps to remember what a national number is. It is one figure that blends very different markets. In Redfin's September report, San Francisco was up 14.0 percent over the year and San Antonio was down 2.1 percent. Both of those feed into the same national picture. A national gain of 3.8 percent does not mean every metro gained 3.8 percent. It means some metros gained a lot, some gained a little and some lost ground. Las Vegas, at 1.3 percent, is in the group that gained a little.

If you own a home and are thinking about selling, this matters most. It is easy to assume your home is worth a lot more than last year because "prices are up." Here, prices are close to flat by every local measure we found. Las Vegas REALTORS says the median single-family price in September was $470,000, the same as September 2025, and down 1.1 percent from August. The record median was $490,000, set in May and June of this year. So the typical sale price today is below the spring high. Pricing a home off national headlines, or off the spring peak, is one of the fastest ways to end up sitting on the market.

If you are buying, this is mostly good news. Prices are not running away from you. You are not chasing a market that gains a few percent every few months. Las Vegas REALTORS also reported that the number of single-family homes listed without offers rose 6.6 percent from a year earlier, to 7,995, and that the valley had about five months of supply, up from about four months a year earlier. More choice and flat prices give buyers room to compare homes and negotiate.

Homes that do sell are still moving. Las Vegas REALTORS reported that 75.9 percent of single-family homes and 70.5 percent of condos and townhomes sold within 60 days in September. A year earlier, those shares were 72.0 percent and 67.0 percent. So the homes that sold actually sold a bit faster than a year ago, even with fewer total sales. The difference is that the market is no longer lifting every price, every month.

The catch is mortgage rates. Las Vegas REALTORS President George Kypreos said, "Recently rising mortgage rates are playing a bigger role in the housing market." Flat prices do not help much if a higher rate pushes the monthly payment up. Our related story on mortgage rates walks through what this week's rate means for a payment on a Las Vegas home.

Background and History

Why do the three local numbers in this story look so different? Because they measure different things.

Redfin's Home Price Index is a repeat-sales index. It tracks single-family homes that have sold more than once and measures how much each one's price changed since its last sale. Redfin says this is similar to the S&P Cotality Case-Shiller indices, but it comes out about a month sooner. The September reading covers the three months ending Sept. 30. Because it compares the same homes over time, it is less affected by a month where more expensive or cheaper homes happen to sell. Redfin's index says Las Vegas is up 1.3 percent from a year ago.

Las Vegas REALTORS reports a monthly median sale price from the local multiple listing service. The median is the middle price of everything that sold that month. It can move up or down depending on which homes sold. For September, it was $470,000 for single-family homes, flat from a year earlier. The condo and townhome median was $290,000, down 1.4 percent from a year earlier. These figures come from the FOX5 report on the September Las Vegas REALTORS data.

Small model houses sitting on printed charts and graphs, representing the different ways Redfin, Las Vegas REALTORS and ATTOM measure home prices

ATTOM reports a quarterly county median based on publicly recorded sales deeds, for single-family homes and condos combined. In its third-quarter 2026 Home Affordability Report, ATTOM listed Clark County among the largest annual price declines of the nation's most populous counties, down 5 percent. Nationally, ATTOM put the third-quarter median at $368,000, down about 2 percent from a year earlier. Our related ATTOM story goes deeper on those numbers.

So which one is right? In a sense, all of them. Each one answers a slightly different question. The common thread is that none of the local sources shows Las Vegas prices rising anywhere near the 3.8 percent national pace in Redfin's report. Whether you look at a repeat-sales index, a monthly median or a quarterly county median, the Las Vegas market is flat to slightly up or slightly down, depending on the measure. That is very different from the national picture.

What Happens Next

Redfin publishes its Home Price Index monthly, so the October reading should come out next month. That will show whether the small 0.1 percent dip in Las Vegas was a one-month blip or the start of a softer stretch. Las Vegas REALTORS also reports every month, and its October numbers will show whether the median stays near $470,000.

The other thing to watch is the pace of sales. Las Vegas REALTORS reported 2,169 existing homes, condos and townhomes sold in September, with single-family sales down 7.4 percent from a year earlier. Our related story on pending sales covers Redfin's weekly data showing fewer signed contracts in Las Vegas. Fewer sales and more homes for sale tend to keep pressure on prices. Mortgage rates will play a big part in which way it goes from here.

When the next round of numbers comes out, look for the source and the method before you react. A national number and a local number can point in very different directions, and so can two local numbers that measure different things.

Aerial view of a sprawling desert suburb with rows of homes, a park and mountains in the distance, a reminder that local home prices can move very differently from national averages

Ryan's Take

I get this question a lot: "I saw prices went up again, so what is my house worth now?" The honest answer is that the national number does not tell you much about your house. In Las Vegas right now, prices are basically flat. Redfin has us up a little over the year. Las Vegas REALTORS has the median exactly where it was a year ago. ATTOM has Clark County down. None of those look like the national 3.8 percent.

For sellers in the southwest valley and Summerlin, that means pricing to today's market, not to the spring high and not to a national headline. The homes that sell are the ones priced right from day one. For buyers, flat prices plus more homes on the market mean you have time and room to negotiate. The real hurdle is the rate, not a runaway price. If you are trying to figure out where your home or your target neighborhood actually sits, the answer is in recent local sales, not national averages.

What You Can Do

If you are selling: Start with what homes like yours have actually sold for nearby in the last few months. Do not rely on national news, a spring sale on your street or an online estimate alone. Ask your agent to show you the local trend, not just one number. Remember that Las Vegas REALTORS put the September median below the $490,000 spring record.

If you are buying: Use the flat market to your advantage. Compare more homes, take your time and negotiate. Get pre-approved so you know your payment at today's rate, since the rate will likely affect your budget more than price changes will.

If you are just watching: Follow the monthly Las Vegas REALTORS report and Redfin's monthly Home Price Index. When you see a number, check whether it is national or local, and whether it is a median or an index. That one habit will keep you from reading the market wrong.

One bright orange model house standing out among dark model houses, a reminder that a Las Vegas home is priced off its own local market, not national averages

Quick Answers

Are Las Vegas home prices going up? Barely, by Redfin's measure. Redfin's index shows Las Vegas up 1.3 percent from a year ago and down 0.1 percent from August.

How does that compare to the U.S.? Redfin says national prices rose 3.8 percent over the year and 0.25 percent for the month. Las Vegas is growing at about a third of the national pace.

What is the median home price in Las Vegas? Las Vegas REALTORS put the September median single-family price at $470,000, flat from a year earlier. The condo and townhome median was $290,000.

Why does ATTOM say prices fell 5 percent? ATTOM measures a quarterly Clark County median from recorded deeds, for single-family homes and condos together. That is a different method and time frame from Redfin's index or the monthly Las Vegas REALTORS median.

Which number should I use? Use all three as context, and name the source when you quote one. For your own home, recent nearby sales matter most.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime.

Ryan Rose | Real Broker, LLC | 702-747-5921 | ryan@rosehomeslv.com | rosehomeslv.com