Last week, the Las Vegas REALTORS released the transaction statistics for October. In short, prices held steady while transactions decreased.

The median sales price for existing single-family homes in October was $475,000. Compared to October of last year, this is a 0.1% increase, essentially remaining unchanged.

The peak this year was $490,000 in May and June. It appears to have slightly decreased from the summer peak, taking a breather.

The transaction volume tells a different story. Single-family home sales were down 11.9% compared to the same month last year, and the total sales volume for single-family homes in October was just shy of $1 billion, a decrease of 10.1%.

Condos and townhouses fared even worse. The median price was $279,000, down 2.1% from a year ago and lower than in September.

The number of condo transactions dropped by 23.6%. Compared to the peak of $315,000 recorded in October 2024, there is quite a gap.

When comparing the two markets side by side, the differences are clear. Single-family homes are defending their prices, while condos are seeing both prices and transactions decline.

From my perspective, this is not an unfamiliar scene. During times of high interest rates, genuine demand tends to shift towards single-family homes, while investment-driven condos are the first to cool off.

Inventory is also piling up. The number of single-family homes listed without offers is 8,112, a 7.6% increase from last year, and condos and townhouses also increased to 2,837, up 6.7%.

The total supply has risen to nearly six months' worth. A year ago, it was just over four and a half months, indicating a gradual shift towards buyers.

However, this does not mean that homes are not selling. Among single-family homes, the percentage sold within 60 days is 72.4%, slightly higher than last year's 71.7%.

In contrast, the percentage of condos sold within 60 days dropped from 67.5% to 62.5%. Even within the same city, the speed of sales varies significantly by product.

In October, there were a total of 1,895 existing home transactions. The cash transaction ratio was 26.2%, nearly the same as last year's 26.5%.

The share of short sales and foreclosures was 1.1%, a slight increase from last year's 0.9%. While this is not yet a cause for concern, it is a number to watch.

Association President George Kypreos recently stated that the effects of rising mortgage rates are becoming evident. He noted that even a 1% drop in rates could significantly change the numbers, and that housing demand in Southern Nevada remains strong.

I generally agree with that statement. It seems that demand has not disappeared; rather, many people are postponing decisions due to interest rates.

The rental market has not yet officially compiled the October single-family figures. Therefore, I will refer to the most recent data from Northmarq's Q3 2026 apartment report.

The average asking rent for Q3 was $1,479 per month, down 0.9% from the previous quarter and 1.4% from a year ago.

The vacancy rate was 9.1%, up 0.2 percentage points from last year. Northmarq predicts that the average rent by the end of the year will be $1,460, which would mark the fifth consecutive year of annual rent declines.

Regionally, Henderson's average rent is $1,580, up 1.0% from a year ago. In contrast, the area near the Strip saw a 5.0% decrease during the same period, indicating a stark difference between the two regions.

The fact that Korean families, who prioritize school districts and living environments, are increasingly seeking homes in Henderson is likely related to this difference. Areas with steady demand are also holding up in rent.

New supply is on a downward trend. Approximately 2,600 apartments were completed by Q3 this year, a 23% decrease from last year, and the amount under construction has also dropped by over 25% since the beginning of the year.

As supply decreases, the downward trend in rent will eventually halt. However, it is realistic to expect that this point will not be reached by the end of this year, but rather sometime next year.

So, what is better: buying now or renting? There is more room for negotiation in rentals, while the increase in listings has broadened the selection for purchases.

If I were in the market for a single-family home for personal use, I would start looking slowly from now on. Prices are holding steady, but with more inventory, there is a greater chance of getting concessions from sellers than before.

On the other hand, there seems to be less urgency for condo investments aimed at rental income. Rents are still declining, making profit calculations tight.

For those looking to move from out of state, living in a rental for a year to get familiar with the neighborhood is also a good approach. The current rental market is not unfavorable for tenants.

This data is based on the October report from the Las Vegas REALTORS and the Q3 report from Northmarq. When the November statistics are released, I will revisit this along with the trends in interest rates.