📈 What's going on with Vegas' housing market

💰 Metro Settles With Woman in Police Misconduct Case

Kirstin “Blaise” Lobato, who was wrongfully convicted in a 2001 murder and spent 15 years in prison before her exoneration, has settled with Metro Police. In 2024, a jury found that Metro detectives had fabricated evidence against her and awarded her $34 million. After two years of appeals, Lobato has received $29.5 million. [Las Vegas Review-Journal]

🚨 'Suspicious Situation' on the Strip

On Monday, Las Vegas police investigated a “vague threat of violence at a construction site” in the 3400 block of Las Vegas Boulevard South. No active danger was found. [Las Vegas Review-Journal]

🏥 Hospital Coming Soon to North Las Vegas? 

North Las Vegas is moving closer to having its first full-service hospital, near I-15 and Pecos Road. Now down to two finalists, the city intends to pick a hospital group in the next three months to start planning and design. [FOX5]

The State of the Las Vegas Housing Market

For the first time in 10 years, more than 10,000 homes are for sale in the Vegas valley. Even though the listings prices have dropped from June’s all-time high, they’re still up there, in September boasting a median price of $470,000 for a single-family home. But of course, not all prospective buyers are biting: There’s a $60,000 gap between the listing prices and what’s actually selling. Compared to September of 2025, sales last month were down more than 7% for single-family homes and 12% percent for condos and townhomes. [Las Vegas Sun, Las Vegas Review-Journal]

• What's going on? Las Vegas Realtors President George Kypreos says that rising mortgage rates (now around 7%) are playing a big role in the state of the housing market. In fact, the country as a whole is in what’s known as a “locking” phenomenon, where homeowners are reluctant to sell and give up the low mortgage rates they got during the pandemic, but are also reluctant to lower prices and lose equity. Thus, a lot of Las Vegans are winding up just canceling their listings when there are no takers, instead of lowering prices. [FOX5, Las Vegas Review-Journal]
• More context: The city's housing crisis also includes renters, who are paying near record-high rates. Nearly 43% of Clark County homes are not the owner's primary residence, and Las Vegas ranks #6 in the nation regarding overall share of renters. [Las Vegas Review-Journal]
• New housing developments: New developments are still underway across the valley, including in Summerlin, at Wayne Newton’s former compound, and on the east side of Las Vegas. A proposal for veterans' housing is also under review. [KTNV, FOX5, Las Vegas Review-Journal]
• Meanwhile: Paranormal investigator Zak Bagans has purchased the underground mansion on Spencer Street for $4.55 million, and plans on turning it into a museum. Completed in 1978, it's one of the largest privately owned luxury bunkers of its kind. [Neon]