The median sales price of an existing single-family home sold in Southern Nevada in August was $476,875, according to an industry report published this morning.

That transaction price signals a 6.6% increase from $447,435 in August 2023 but is shy of the all-time record of $482,000 from May 2022, according to the report from the Las Vegas Realtors trade group.

Merri Perry, the group’s president, said in a news release that she’s optimistic lower interest rates could be on the horizon to help the housing market.

“For the most part, home prices have been rising locally and nationally this year, even with mortgage interest rates being higher than they were in previous years,” Perry said. “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.”

The group says there were 5,268 single-family homes on the market with no offer at the end of the month — a 35.7% increase from last August. For condos and townhomes, there were 1,640 properties listed without offers at the end of August to mark a 67.7% increase from one year earlier.

The median sales price of condos and townhomes in August was $292,000, an increase of 1.7% from $287,000 in August 2023.