U.S. homebuilders’ sales fell to its slowest pace in a year last month, and resales dropped for the fourth consecutive month. And it’s no different in Southern Nevada.
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A spread of land once owned by Siegfried Roy is now home to a rare sort of real estate project in Southern Nevada: an infill housing tract.
Southern Nevada’s housing market is dominated by single-family homes, but there are plenty of condos and townhouses, which have also sold rapidly amid Las Vegas’ homebuying frenzy.
Resale totals have fallen the past two months, and available inventory has climbed for three straight months as house prices keep setting all-time highs.
Howard Hughes Corp. is developing an office building next to Las Vegas Ballpark and the second phase of a luxury apartment complex.
Buyers picked up 3,189 previously owned single-family homes — the bulk of the market — in May, down 9.6 percent from April but up 87.3 percent from May 2020, a new report shows.
Builders notched 1,215 net sales — newly signed sales contracts minus cancellations — in Southern Nevada in April, up nearly 400 percent from 244 sales in April 2020.