Home sales in Southern Nevada dropped 11.9 percent from July to August, according to a report released this week by Las Vegas Realtors.
Buyers closed on 2,252 homes, condos and townhomes across the valley in August, a total that also came in 1.7 percent lower than a year earlier for single family homes and 7.4 percent lower for condos and townhomes compared with August 2025.
The report landed five days after KB Home announced Sandstone, a more than 1,500 home master planned community in North Las Vegas priced from the $300,000s, the builder’s largest Southern Nevada project in a decade.
That starting price sits between $165,000 and $175,000 below the region’s $475,000 resale median for a single family home, a gap calculated for this article that no other coverage of either story has drawn.
Resale Slows, Prices Ease From Their Peak
The median price for a single family home sold in August was $475,000, down 1 percent from a year earlier and down from the $490,000 record set in May and June, according to Las Vegas Realtors.
Condo and townhome prices moved the other direction, edging up 0.6 percent year over year to a median of $299,900, though still below the $315,000 record set in October 2024.
Homes are also sitting longer. The typical single family home took 58 days to sell in August, up 3.6 percent from a year earlier.
The number of single family homes listed without an offer climbed 5.3 percent year over year to 7,590, while condo and townhome inventory rose 6 percent to 2,714 units.
At August’s sales pace, that inventory represents about 4.5 months of supply, Las Vegas Realtors reported.
Las Vegas Realtors president George Kypreos said local home prices have held fairly steady for close to two years, and that the slower pace of sales was not a surprise given that backdrop.
A Record New Community Opens Priced Below What Resale Can Match
KB Home announced Sept. 4 that the first phase of Sandstone, a community spanning nearly 300 acres north of the 215 Beltway and North Fifth Street in North Las Vegas, is open for sale. The builder’s own announcement lists one and two story single family homes and two story townhomes across four sub communities, with prices starting in the $300,000s.
Jim McDade, KB Home’s Las Vegas division president, said Sandstone “presents an opportunity for attainable homeownership in a highly desirable setting.” KB Home bought more than 200 acres of the site for about $91 million in late 2024.
Sandstone’s entry price undercuts more than just the resale market. Southern Nevada’s homebuilders overall posted a median price of $535,114 across all new home types in July, up 2.9 percent year over year, and $581,930 for new single family houses specifically, up 2.1 percent, according to Home Builders Research data reported by the Las Vegas Review-Journal.
Measured against that new construction median rather than the resale figure, Sandstone’s starting price sits roughly $225,000 to $235,000 lower, a second gap calculated for this article.
$475,000: Southern Nevada’s resale median for a single family home in August 2026, per Las Vegas Realtors.
$300,000s: KB Home’s advertised starting price for Sandstone, its 1,500 plus home community announced five days earlier.
$165,000 to $175,000: the gap between the two, calculated for this article from figures in both reports.
$53 a month: the added cost, on a typical $380,000 mortgage, from the rise in the average 30 year mortgage rate over the past year, a separate calculation using standard loan amortization.
That last figure comes from Freddie Mac’s Primary Mortgage Market Survey, which put the average 30 year fixed mortgage rate at 6.71 percent as of Sept. 3, up from 6.50 percent a year earlier.
Applied to a $380,000 loan, roughly 80 percent of August’s resale median, that increase adds about $53 to the monthly principal and interest payment and around $633 over a year, a calculation run for this article using a standard 30 year amortization schedule and not published by Freddie Mac or Las Vegas Realtors.
Resale and New Construction, Side by Side
| Measure | Resale (August 2026) | New construction (July 2026) |
|---|---|---|
| Sales volume | 2,252 closed, down 11.9% from July | 735 net sales, up 28% from June, down 7% from a year ago |
| Single family median price | $475,000, down 1% year over year | $581,930, up 2.1% year over year |
| Permits or new listings | 7,590 single family homes without offers, up 5.3% year over year | 620 new home permits, down 23% year over year |
Southern Nevada’s homebuilders pulled 620 new home permits in July, up about 1.5 percent from June but down 23 percent from a year earlier, and closed on 706 homes, down 12 percent year over year, according to the same Home Builders Research data.
Through the first seven months of 2026, builders had closed 4,750 homes, down 20 percent from the same stretch of 2025, and pulled 4,776 permits, down 25 percent. Separate, seasonally adjusted Census Bureau data for the Las Vegas-Henderson-Paradise metro area show single family building permits falling from 732 in February to 532 in June, the most recent month available, a 27 percent decline calculated for this article.
That series uses a different methodology than Home Builders Research’s builder reported figures, but points in the same direction: builders are pulling back on future permits even as they push to sell homes already in the pipeline.
What’s Squeezing Both Sides of the Market
Put together, the two reports point to the same pressure working on both sides of the market. Resale inventory is growing, homes are sitting longer, and sales are down on a monthly and annual basis even though prices have already eased from their spring peak.
Builders, meanwhile, are pulling back on future permits while still closing homes from projects already underway, and Sandstone’s below market entry price looks like an attempt to keep volume moving in a market where a cheaper resale home alone has not been enough to offset a mortgage rate that is 21 basis points higher than it was a year ago.
Southern Nevada resale figures (2,252 total sales, the 11.9 percent monthly decline, the 1.7 percent and 7.4 percent annual declines, median prices, inventory, days on market and the Kypreos comment) are drawn from the Las Vegas Review-Journal’s Sept. 9, 2026 report on the Las Vegas Realtors August 2026 statistics. New construction figures (net sales, permits, closed sales, median prices and year to date totals) are drawn from the Review-Journal’s Aug. 2026 report on Home Builders Research’s July 2026 data. KB Home Sandstone details are drawn from KB Home’s Sept. 4, 2026 press release and the Review-Journal’s Sept. 8, 2026 report on the community’s Sept. 4 opening for sale. Mortgage rate figures are drawn from Freddie Mac’s Primary Mortgage Market Survey for the week of Sept. 3, 2026. Census Bureau permit figures are drawn from the Federal Reserve Bank of St. Louis’s FRED database, series LASV832BP1FHSA, as most recently updated. The $165,000 to $175,000 and $225,000 to $235,000 price gaps, the 27 percent permit decline, and the $53 monthly and $633 annual mortgage cost figures are original calculations for this article and do not appear in any of the underlying reports.
