What Happened in Las Vegas Real Estate in August?

The Market is Changing Constantly, Stay Aware

After edging close to an all-time high earlier this year, Las Vegas home prices pulled back in August, according to the latest report from Las Vegas Realtors (LVR). The median price for a single-family home in the area fell to $476,875, marking a retreat after months of price increases. Condominiums and townhomes experienced a similar dip, with their median price ending the month at $292,000, which is $4,000 lower than July’s record.

LVR President Merri Perry noted that, despite the price reductions, the overall trend for home prices this year has been upward, both locally and across the nation. “We’re hoping homes will soon become at least somewhat more affordable for buyers – assuming interest rates start to decline this fall as national experts are expecting,” Perry said.


Mortgage Rates: Not Much Change on the Horizon

While some are optimistic about interest rates easing, online real estate broker Redfin cautioned that mortgage rates might not drop significantly in the near future. Markets have already factored in potential rate cuts by the Federal Reserve, expected to begin in September and continue through 2025. Currently, the average mortgage rate in Nevada sits at 6.73% for a 30-year loan, according to Bankrate.


The Political Factor in Housing Affordability

As the 2024 election approaches, promises to address housing affordability are common. However, any substantial changes will likely depend on Congressional action to allocate funds. The election results could either advance or derail these initiatives.


LVR’s August Housing Market Report: Key Highlights

LVR’s monthly report, which only covers sales through its Multiple Listing Service (MLS) and excludes new home sales or owner-listed properties, offers more insights into the Las Vegas housing market:

  • 24.1% of all property sales were cash sales, a drop from 26.0% a year ago, and far below the August 2013 peak of 59.5%.
  • 5,268 single-family homes were listed without offers by the end of August, a 35.7% increase from the same time last year.
  • 1,640 condos and townhomes were listed without offers, up a significant 67.7% from a year ago.
  • 2,711 homes, condos, and townhomes were sold in August. Sales of single-family homes increased by 6.4% year-over-year, but sales of condos and townhomes fell by 10.5%.
  • The housing supply reached 2½ months at the end of August, compared to less than two months of supply a year earlier.
  • 0.6% of August sales were short sales or foreclosures, a slight drop from 1.6% last year.


Speed of Sales

In August, 86.5% of single-family homes and 82.9% of condos and townhomes sold within 60 days, a slight improvement from last year’s numbers for homes, but a drop for condos and townhomes.



The Las Vegas housing market continues to evolve as home prices fluctuate and mortgage rates stabilize at higher-than-usual levels. Buyers and sellers alike will need to keep a close watch on economic and political developments in the months ahead.

The Power of Gratitude: Why Thank You Cards and Calling Loved Ones Matter

February 19, 2025
In today’s fast-paced world, it's easy to get caught up in the hustle and forget the simple things that make life meaningful. One of the most powerful, yet often overlooked, ways to enrich our lives is by expressing gratitude. Whether it's sending a handwritten thank you card, picking up the phone to call a loved one, or simply acknowledging someone's kindness, these small acts have big benefits for both the giver and the receiver! 1. Improves Mental Health Expressing gratitude can have a positive impact on your mental well-being. Studies show that taking the time to acknowledge and appreciate what others do for you can lower stress and improve your overall mood. When you send a thank you note or call someone to express your appreciation, you foster positive emotions that help shift your mindset toward optimism. 2. Strengthens Relationships A heartfelt "thank you" can go a long way in maintaining and deepening your relationships. Whether it’s a friend, family member, or colleague, showing gratitude makes the recipient feel valued and recognized. A quick phone call or a note saying "I appreciate you" can create a stronger bond and encourage more positive interactions in the future. 3. Cultivates a Culture of Kindness  By expressing gratitude, you're setting an example for those around you. It’s contagious! When you take the time to appreciate others, you're encouraging a culture of kindness and appreciation in your community. Small gestures like sending thank you cards can inspire others to do the same, creating a ripple effect of positivity. In Conclusion Expressing gratitude doesn’t require grand gestures. A thank you card, a quick call, or a heartfelt message can transform your relationships and improve your own well-being. The power of gratitude is undeniable—small acts of appreciation can have a lasting impact, creating a more positive and connected world for everyone. So, go ahead—reach out, say thank you, and feel the benefits in return.

The Emergence of Mojave Max

February 12, 2025
We’re sure you’ve heard about Punxsutawney Phil of Pennsylvania, but did you know Nevada has its own unique way of signaling the arrival of spring in the desert? His name is Mojave Max! Mojave Max, a tortoise residing at the Springs Preserve in Las Vegas, acts as a local mascot for the desert tortoise conservation program. Katrina Smith, the Senior Zoologist at the preserve, explains that Mojave Max's emergence is rooted in biology rather than folklore. Unlike a rodent seeing its shadow, which holds no real significance, the emergence of a desert tortoise is a biological event. For Max, the temperature inside his burrow must reach a certain threshold before he becomes active. This signals the warming weather, the blooming of flowers, and the increase in wildlife activity. When he emerges, it marks the official arrival of spring! Over the past two years, Max has emerged in late March, and his return has become a highly anticipated event. For over 25 years, local elementary students have been participating in the Mojave Max Emergence Contest, guessing the date of his big appearance.  Mojave Max's emergence serves as a reminder that spring in the desert is not just a season, but a living, breathing change in the environment that calls for our attention and care!

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