US Home Sales Rose 1.5% in September. Southern Nevada Sales Fell 7.4%

by Ryan Rose

What Happened

On Oct. 13, 2026, NAR released its existing-home sales report for September. Sales of previously owned homes rose 1.5 percent from August to a seasonally adjusted annual pace of 3.99 million. That was the national flip. A month earlier, the national number had been moving down. This time it moved up.

But there is a catch inside NAR's own report. Compared to September 2025, national sales were still down 2.2 percent. So the "up" in the headline is a small month-to-month bump. NAR chief economist Lawrence Yun said August and September were the two slowest months for home sales this year. He also said, "Further increases in mortgage rates in recent weeks mean fewer buyers can qualify to purchase a home."

Here are the other national numbers worth knowing. The median existing-home price was $417,500, up 1.3 percent from $412,300 a year earlier. NAR says that is the 39th straight month of year-over-year price gains. Unsold inventory rose to 1.60 million homes, which is 4.8 months of supply. The median home sold in 33 days. Cash buyers made up 27 percent of sales, and distressed sales, meaning foreclosures and short sales, were 2 percent.

Now the local side. Las Vegas REALTORS reported its September numbers in early October, and FOX5 Vegas covered them. Single-family home sales in Southern Nevada fell 7.4 percent from September 2025. Condo and townhome sales fell 12.6 percent. In total, 2,169 existing homes, condos, and townhomes changed hands during the month.

The local single-family median price was $470,000. That is down 1.1 percent from August and flat compared to a year ago. The local record is $490,000, set back in May and June of this year. Condos and townhomes had a median of $290,000, down 1.4 percent from a year ago.

NAR's report had a few more details that help explain the national bump. Single-family sales nationally rose 2.0 percent from August to a 3.64 million pace, with a median of $422,700. Condo and co-op sales went the other way, down 2.8 percent for the month. First-time buyers made up 31 percent of sales, up from 30 percent. Individual investors and second-home buyers jumped to 20 percent of sales, up from 15 percent a month earlier. So part of the national gain came from investors and second-home buyers stepping in.

The dollar side of the local report tells the same story as the sales count. Las Vegas REALTORS says the total value of local home sales in September was just over $1 billion. That is down 10.3 percent from a year ago. Condo, high-rise and townhome sales added more than $127 million, down 14.4 percent. Fewer homes sold, and the money changing hands shrank with them.

NAR September 2026 existing-home sales snapshot infographic showing 3.99 million annual sales pace and a $417,500 national median price

Why It Matters to Las Vegas Residents

National real estate news is not local real estate news. That is the whole lesson of this month. The country got a small bump in sales. Southern Nevada did not. Prices kept rising nationally. Here, they stood still.

Here is a fair way to compare the two. If you line up year-over-year numbers, which is apples to apples, national sales were down 2.2 percent. Las Vegas single-family sales were down 7.4 percent. That means our market slowed about three times faster than the country over the same 12 months. Even the West region, which includes Nevada, was down 5.2 percent from a year ago, and Southern Nevada still came in below that.

Here is the side-by-side, all for September 2026:

Sales vs. a year ago: U.S. down 2.2 percent. Southern Nevada single-family down 7.4 percent.
Sales vs. last month: U.S. up 1.5 percent. This is the number in the national headline.
Median price: U.S. $417,500, up 1.3 percent. Southern Nevada $470,000, flat.
Supply: U.S. 4.8 months. Southern Nevada about five months.
Cash buyers: U.S. 27 percent. Southern Nevada 23.5 percent.
Distressed sales: U.S. 2 percent. Southern Nevada 1.1 percent.

For sellers, this is the number to sit with. If you list your Spring Valley or Centennial Hills home based on what you read about the national market, you may price too high. Las Vegas REALTORS says there were 7,995 single-family homes listed without offers at the end of September. That is up 6.6 percent from a year ago. Our local supply is about five months, up from about four a year ago. More homes on the market means buyers can be choosy.

For buyers, this is good news. A flat median price and more listings give you room to negotiate. You may be able to ask for seller credits, a lower price, or repairs. Yun said it simply at the national level: "Higher inventory and lengthening days on market give buyers improved negotiating power." That is even more true here.

There is one more local twist. Cash buyers were 23.5 percent of local sales, compared to 27 percent nationally. Distressed sales were 1.1 percent here, compared to 2 percent nationally. So fewer people here are buying with cash, and very few local sales are foreclosures or short sales. That tells us the slowdown is not a wave of homeowners in trouble. It is mostly a buyer pool that shrank as payments went up.

Both local numbers did tick up a little from a year ago. Cash buyers went from 23.0 percent to 23.5 percent, and distressed sales went from 0.5 percent to 1.1 percent. Those are small moves on small numbers. Even after the change, Southern Nevada still sits below the national rate on both.

Renters and people who are just curious should pay attention too. A slower sales market can change how long homes sit, how often owners decide to rent instead of sell, and how much room you have to negotiate if you are thinking about buying your first place. The national headline will not tell you any of that. The local report will.

Background and History

To understand why Las Vegas looks different, you have to look at the last few years. Southern Nevada sales peaked at a record 50,010 in 2021, according to Las Vegas REALTORS. Then rates rose, and sales dropped hard. In 2025, the valley had its lowest annual sales total since 2007. FOX5 reports that sales so far in 2026 are running about the same as 2025.

Prices have held up better than sales. The single-family median reached its all-time high of $490,000 in May and June of this year. Since then it has eased to $470,000. That is a small pullback, not a crash. Homeowners who bought years ago still have a lot of equity. That equity is a big reason distressed sales stay so low.

Mortgage rates are the main pressure point. NAR's report cites Freddie Mac's 30-year fixed rate averaging 6.86 percent in September. That compares to 6.67 percent in August and 6.35 percent a year earlier. Las Vegas REALTORS President George Kypreos put it this way: "Recently rising mortgage rates are playing a bigger role in the housing market." When rates go up, the same house costs more each month, and fewer buyers can make the numbers work.

It is also worth knowing what the local numbers cover. The Las Vegas REALTORS data counts homes sold through the MLS. It does not include brand-new homes sold directly by builders, or homes sold by owners without an agent. So the 7.4 percent drop is about resale homes, which is what most sellers are competing against.

Speed of sale is the one place the local report looked a little brighter. Las Vegas REALTORS says 75.9 percent of single-family homes that sold in September sold within 60 days, up from 72.0 percent a year earlier. For condos and townhomes, it was 70.5 percent, up from 67.0 percent. Put simply, the homes that do sell are still selling in a reasonable time. The difference is that fewer homes are selling, and more are left over without an offer.

The West is also different from the rest of the country. NAR's West region had a median of $613,600, down 0.3 percent from a year ago. It was the only region where NAR's affordability measure improved. The Northeast and Midwest, by contrast, posted price gains of 4.7 and 3.1 percent. Those regions pull the national median up, which is one more reason a national number can mislead a Las Vegas seller.

Single-story house with a dark garage door and palm trees at dusk, the kind of resale home common in Las Vegas and Henderson

What Happens Next

The next big date is NAR's October existing-home sales report, which should come out in November. Las Vegas REALTORS also releases its October numbers in early November. Those two reports will tell us if the national bump keeps going and if Southern Nevada keeps sliding or levels off.

Watch mortgage rates closely. If rates keep rising, expect fewer buyers and more homes sitting longer. If rates ease, some buyers who stepped back this summer may come back. Kypreos also passed along a point Yun made at a recent Las Vegas REALTORS event: nobody knows for sure what rates will do in the near future. That uncertainty is part of why buyers are cautious right now.

Also watch inventory. Local listings without offers are up from a year ago. The holiday season usually brings fewer new listings and fewer buyers. That can keep the market slow through the end of the year. For sellers, the homes that sell in the next few months will be the ones that are priced right and look their best.

Finally, keep the two reports in their own lanes. If next month's national report shows another gain, that still says nothing certain about Southern Nevada. The September numbers prove the two can move in opposite directions in the same month. Read the local report before you make any move with your home.

Ryan's Take

Every month I get a text from a seller who saw a national headline and wants to raise their price. I get it. "Home sales are up" sounds like good news for sellers. But the September numbers are a perfect example of why I always pull local data first. Nationally, sales ticked up and prices rose. In Southern Nevada, sales fell and the median did not move. If you priced off the national story, you would be pricing for a market we do not have.

Here is the good part. Prices here are not falling apart. A flat median, very few distressed sales, and strong owner equity all point to a market that is slow, not broken. In my niche, the southwest valley and Summerlin, I see well-priced homes still getting offers. The homes that sit are almost always the ones priced for last spring. My advice to sellers is to price to today's comps, not the record. My advice to buyers is to use this moment. More choice and more room to negotiate do not last forever.

One more thing I tell people: a single month is not a trend. September was slow, but one report does not mean prices are about to drop. Look at three or four months in a row, and look at your own neighborhood, not just the valley. A house in Summerlin and a condo off the Strip live in very different markets, even if they show up in the same monthly report.

Suburban street lined with houses and parked cars, representing a typical Southern Nevada neighborhood with homes for sale

What You Can Do

If you are thinking about selling, start with a local market check, not a national one. Ask for the recent sales in your own neighborhood from the last 90 days. Look at how many homes near you are listed and how long they have been sitting. Then price against those homes. In a market with about five months of supply, the first two weeks on the market matter most.

If you are thinking about buying, get pre-approved now so you know your real payment at today's rates. Then look at homes that have been on the market for a while. Those sellers may be open to credits toward closing costs or a rate buydown. With a flat median and more listings, you have more say than buyers did a few years ago.

If you already own and plan to stay, there is nothing you need to do today. A flat median means your home's value has held steady over the past year. It is still a good time to review your homeowner's insurance, check your property tax bill, and make a list of small repairs. Those steps help whether you sell next year or ten years from now.

If you are just watching, keep an eye on the monthly Las Vegas REALTORS report and NAR's national report. When you read them, always ask one question: is this number for the country, or for Clark County? That one habit will save you from a lot of bad decisions.

Elevated view of a suburban street lined with houses and green trees, a reminder to check local neighborhood comps before pricing a home

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