• 📈 U.S. existing home sales rose 1.5% in September to a 4.06 million annual pace.
• 🏠 Housing inventory jumped 14% year-over-year, totaling 1.55 million homes available.
• 🧾 Median home prices increased 2.1% YoY nationally despite rising supply.
• 📉 Declining mortgage rates are reigniting buyer activity, though affordability remains a hurdle.
• ⚖️ Experts say the market is gradually shifting towards a balanced state, improving negotiation power for buyers.

Housing Market Trends: Inventory and Existing Home Sales Rise

Existing home sales went up 1.5% in September, hitting a seasonally adjusted annual pace of 4.06 million homes. At the same time, unsold housing inventory shot up 14% from a year ago. This shows a possible change in the real estate market. This increase means important things for buyers, sellers, and investors, especially those in Las Vegas. Let's look more closely at what this means for you.

A Return to Balance? Understanding the Inventory Surge

After years of very low supply, housing inventory finally showed signs of relief in September. Total unsold inventory reached 1.55 million housing units, up 1.3% from the month before and a big 14% higher than a year ago (NAR, 2025). This means there's a 4.6-month supply at the current sales pace, getting closer to the six-month mark that experts usually see as showing a balanced housing market.

Several things working together have caused this rise in housing inventory:

1. Lower Mortgage Rates

Mortgage rates are easing off their mid-2025 highs. This makes homeowners more confident they can afford new financing, which encourages them to list their current homes. Before, many homeowners were “rate locked,” keeping homes because of very low interest rates from earlier refinances. But now that rates are easing, that lock-in effect is not as strong.

2. Seasonal Listing Trends

August through October is usually a time when more homes get listed. Families who wanted to wait until after summer vacations often list their homes in early fall, which adds to the number of homes for sale.

3. Homes That Didn't Sell and Were Relisted

The hot seller’s market is cooling down. Because of this, some properties that didn’t sell quickly in the spring and summer are being relisted, often with lower prices. These relisted homes still add to the total number of homes for sale today.

4. Back to Normal

Most of the increase in homes for sale is simply a correction. The extremely low housing inventory of 2021 and 2022 couldn't last. It was caused by pandemic issues and speculative demand. Now, we are seeing a return to normal.

Las Vegas is showing the same national trends, but a bit faster. Steve Hawks, a top Las Vegas Realtor, explains it:

“A big part of the inventory build here in Vegas is simply activity getting back to normal. More people are ready to move again, and sellers aren’t panicking—they’re just seeing a chance in a calmer market.”

This statement shows a larger truth: more homes for sale doesn’t mean trouble. Instead, it shows things are balancing out.

Price Patterns: Are We Seeing a Cooling in the Market?

Home prices are usually the last thing to change in any real estate cycle. Even though there are more homes for sale, prices are holding steady, but they are going up slower.

In September, the national median sales price went up to $415,000. This was a 2.1% increase compared to the same time last year (Bright MLS, 2025). This looks like a good gain. But the rate prices are going up is clearly slowing down compared to the double-digit jumps we saw from 2020 to 2022.

Price Changes in Different Areas

Some areas, especially in the West and Midwest, have seen prices stay about the same or even drop a little. Other areas still see prices go up a moderate amount, often in suburbs or cities where many people keep moving in.

In Las Vegas:

• Luxury neighborhoods like Summerlin and The Ridges have stable prices. This is because rich buyers are ready to pay cash.
• Mid-market neighborhoods such as Green Valley or Southern Highlands report slower movement. Many sellers are changing what they expect for prices.
• Entry-level homes are still in demand, but buyers are becoming careful about spending too much.

Bright MLS Chief Economist Lisa Sturtevant explains:

“Prices went down a bit for the season but are still higher than a year ago. The speed of home price growth has been slowing as more homes have come on the market.”

Steve Hawks offers a practical view of this changing market:

“Sellers need to be smart about pricing today. If you overprice even a little, your home will likely sit on the market longer than you think.”

The message is clear: prices are still growing, but it's becoming more strategic, local, and tied to how well the price matches the value.

Falling Mortgage Rates and Buyer Motivation

Lower mortgage rates were a big reason existing home sales went up in September.

Mortgage rates reached their highest point in mid-2025. After that, average 30-year rates began to fall steadily. This helped release unseen buyer demand. Lawrence Yun, NAR Chief Economist, said:

“Just as we expected, falling mortgage rates are boosting home sales.”
(Yun, 2025)

What Buyers Can Afford

Even a half-point drop in interest rates can give buyers a lot more buying power. For example, if a $400,000 loan's interest rate goes from 7.5% to 6.8%, the monthly payment can drop by over $150. That savings is very important in today’s situation where affordability is tight.

Still, rates are higher than the under-3% mortgages during the pandemic. And lenders, worried about inflation, keep looking closely at who qualifies for a loan.

How Buyers Feel

Many potential buyers have gone from being very scared to being carefully hopeful. Prices still feel high, but buyers are not stuck like they were when rates shot up in early 2025. Stronger job numbers and less pressure from rates have helped. Now, buyers are actively watching for the right time to get back into the market.

Buyer Opportunities: More Choice, Still Budget Pressure

More listings mean potential buyers have more to choose from. But limits on what people can afford mean that chance to buy must match what they can truly afford.

Las Vegas has seen clear increases in available homes in several main areas:

• Henderson: More townhomes and detached homes are available in the $400K–$700K range.
• North Las Vegas: Affordable new homes are showing up again. But they stay on the market longer (days on market).
• Enterprise and Silverado Ranch: Prices are flatter, and sellers are more flexible.

But prices are not dropping much yet, and mortgage costs are still a significant monthly cost.

Hawks’ advice for buyers dealing with today’s real estate market:

“If you find the right home, and the payment fits your budget, act. More homes are for sale, and rates are getting better, but competition can still surprise you.”

Also, buyers now have real ability to ask for:

• Rate buydowns
• Repairs before closing
• Help with closing costs

These things might make the difference between a home being affordable or too much of a financial stretch.

Seller Challenges: Pricing Realistically in a Changing Market

If you're selling your home in late 2025, you're dealing with different buyer feelings and much more competition. There are 1.55 million homes on the market, so sellers must be smart and willing to adjust.

Buyers are now pickier because of high interest rates. Today’s sellers need more than just an MLS listing; they need a better way to sell.

This often includes:

• Pricing based on recent sales: Automated “Zestimate” numbers or 2022 prices can no longer guide pricing.
• Professional showing: Homes with high-quality photos, virtual tours, and accurate descriptions do better than those with poor marketing.
• Quick replies: Buyers today move fast if they are interested. But they also pull away quickly if there are delays.

Las Vegas Realtor Steve Hawks highlights how important realism is:

“Sellers who accept how the market is now are selling homes. Those who are still hoping for 2022 prices are seeing their homes sit unsold on the MLS.”

Regional Real Estate Spotlight — West and Las Vegas Market Focus

The Western U.S. led the increases in existing home sales in September 2025. Sales rose quickly by 5.5% from month to month in the region, reaching a total of 770,000 units sold (NAR, 2025).

Las Vegas, located in this Western growth area, showed similar traits:

Las Vegas Market Highlights:

• Inventory Growth: Homes for sale keep growing in areas like Centennial Hills and Inspirada, especially for mid-priced homes.
• Slowing Days on Market: Homes are spending more than 30 days on the market. This is a sign buyers have gotten back their negotiation power.
• Stable Seller Equity: Unlike the 2008 crisis, homeowners today have equity in their homes. This means they are avoiding forced sales.

This is important. Steve Hawks confirms:

“We’re not seeing large numbers of short sales or foreclosures. People have equity and are in control.”

Jobs are steady, and there are no many foreclosures coming. So, the Las Vegas real estate market stays strong at its core, just slower and more balanced.

Investment Timing: Is This a Buy Window?

For real estate investors watching for weaker spots in the market, this could be the time to make smart purchases.

More homes for sale and less competition from buyers open up chances that haven’t been around since early 2021. Investors with good financing or cash are seeing:

• Offers below listing price accepted in changing neighborhoods.
• Sellers offering help with repairs or to improve the cap rate.
• High demand for rentals, which helps keep cash flowing after buying.

Las Vegas areas good for investors, like Sunrise Manor, Spring Valley, and parts of Downtown, are doing very well. This is especially true for plans to hold properties for a long time.

Hawks confirms:

“In some neighborhoods, we’re getting investment homes with offers below the list price again.”

Supply vs Demand: What the Market Activity Really Indicates

It's important to understand the increase in homes for sale in the right way. When supply catches up, it doesn’t mean the market is in trouble. Often, it means things are becoming more sensible.

In 2021 and 2022, demand far exceeded the supply. This caused very unbalanced prices. Now, things are getting back to normal.

Steve Hawks explains it this way:

“More homes for sale means buyers can relax. Sellers must do better. It brings back negotiation and conditions like we had before COVID. That’s a good thing.”

A balanced housing market usually means price growth that can last. It also leads to buyers making better choices and health in all parts of real estate, from single-family homes to apartment buildings and more.

What’s Ahead: 2025 Housing Market Predictions

Economists expect inventory to possibly peak by mid-2025 (Bright MLS, 2025). This fits with beliefs that mortgage rates will slowly go down a bit. Slower inflation will help with this.

What to expect in 2025:

• Small growth in existing home sales as people feel more confident.
• Stable to rising inventory will help balance market pressures.
• Affordability limits will stay unless wages get better or rates drop a lot.

Some up and down changes could return if there are economic surprises. But most analysts think the market will settle into a more typical balance.

Tips for Las Vegas Home Buyers and Sellers

If you're dealing with the Las Vegas real estate market this fall and winter, here are things you can do based on the current situation:

For Buyers:

• 🎯 Look at neighborhoods with many homes for sale and where inventory is growing, like Summerlin South, Green Valley North, or Aliante.
• ✅ Get pre-approved. And lock in rates when they drop nicely.
• 💬 Ask for seller help where you can, especially for homes that have been on the market for more than 20 days.

For Sellers:

• 📉 Price your home well compared to sales from the last 60-90 days, not using 2022's highest prices.
• 🛋️ Spend on staging and marketing. What people see online first is very important.
• ⏱️ List your home early in the week. Studies show homes listed on Thursdays do better.

As Steve Hawks advises:

“Getting advice from experts on pricing and timing is more valuable now than ever. It can truly be the difference between not selling and getting the best price.”

Whether you're buying, selling, or waiting, staying informed about existing home sales and how many homes are for sale is very important. A balanced real estate market doesn't happen fast, but late 2025 might just be the turning point.

Citations

• Bright MLS. (2025). Statement by Lisa Sturtevant, Chief Economist — home price growth moderating due to inventory build-up. Retrieved from 
• National Association of Realtors (NAR). (2025, September). Existing home sales data highlights: Sales rose by 1.5% MoM; Inventory up 14% YoY; Median price reached $415,000; Homeowners remain financially stable, avoiding distressed sales. Retrieved from 
• Yun, L. (2025). Statement on impact of falling mortgage rates and improving affordability on home sales. Retrieved from