LAS VEGAS (KLAS) — Las Vegas home prices dropped again in October, falling 2.2% in only a month to $440,000, according to a report released Tuesday by Las Vegas Realtors (LVR).

Buyers who were waiting to see if prices would continue declining were rewarded as rising interest rates cut further into a housing market that had been red hot through May of this year. Since then, the median home price has fallen from a peak of $482,000.

“Ever since mortgage interest rates started rising this summer, we’ve seen the housing market cool down,” said LVR President Brandon Roberts, a longtime local Realtor. “Prices have been going down slightly since we hit our all-time peak in May. We’re seeing more homes on the market, and fewer homes are selling. Through October, local home sales are down about 22% from this time last year.”

The median home price is still up 7.3% from $410,000 one year ago. The median price is defined as the one in the middle — half are higher and half are lower.

Condos and townhomes sold for $266,000 in October. That’s down 1.5% from the previous month, and down from the all-time record price of $285,000 in May. The median price for condos and townhomes prices is still up 12.7% from $236,000 in October of last year.

Roberts said home prices in the Las Vegas valley are still nearly four times higher than during their post-recession bottom in January of 2012, when the median single-family home price in Southern Nevada was $118,000.

Prices in LVR’s report are for existing homes. New home sales are not included.

In late October, the average long-term U.S. mortgage rate topped 7% for the first time in more than two decades as the Federal Reserve aggressively increased rates in an effort to tame inflation. Mortgage buyer Freddie Mac reported Oct. 27 that the average on the key 30-year rate jumped to 7.08% from 6.94%. Last year at this time, rates on a 30-year mortgage averaged 3.14%.

Inventory has been building up as homes go on the market, and LVR reports nearly 8,000 single-family homes are listed for sale without any sort of offer. That’s up 140.5% from the same time last year. The 1,775 condos and townhomes listed without offers in October represent a 204.5% jump from 2021.

During October, LVR found that 25.5% of all local property sales were purchased with cash. That’s down from 29.6% one year ago and is well below the March 2013 cash buyer peak of 59.5%.

In October, 78.6% of all existing local homes and 82.5% of all existing local condos and townhomes sold within 60 days. That compares to one year ago, when 92.6% of all existing local homes and 94.9% of all existing local condos and townhomes sold within 60 days.