Las Vegas new home prices hit record highs; sales sluggish

Lennar captured the top spot in the quarterly rankings of top homebuilders in Las Vegas as home prices hit record levels in March.

Lennar recorded 540 sales in the first quarter, a 7.9 percent increase over 586 sales in the first quarter of 2024, according to Las Vegas-based Home Builders Research.

No. 1

Lennar was March’s top-selling builder with 187 net sales. Their top-selling community in March was Carlton, a single-family residence project in the Cadence in Henderson with 14 net sales.

No. 2

Lennar was followed by D.R. Horton with 496 sales, after 485 in 2024. D.R. Horton was the only builder in the top 10 to have a year-over-year increase.

No. 3

KB Home was third with 368 sales, two fewer than 370 in 2024.

No. 4

Pulte Group was fourth with 360 sales, a 28.3 percent decline from 502 in 2024.

No. 5

Toll Brothers was fifth with 149 sales, a 21.6 percent decline from 190 in 2024.

No. 5

Richmond American was tied for fifth with 149 sales, a 51.6 percent decline from 308 in 2024.

No. 7

Century Communities was seventh with 120 sales, a 42 percent decline from 207 in 2024.

No. 8

Beazer Homes was eighth with 118 sales, a 12.6 percent decline from 135 in 2024.

No. 8

Touchstone Living tied for eighth with 118 sales, a 4.1 percent decline from 123 in 2024. The overall best-selling community in March was Watercolor by Touchstone Living in North Las Vegas, a consistent top performer, with 19 net sales.

No. 10

Taylor Morrison rounded out the top 10 with 101 sales, a 32.7 percent decline from 150 in 2024.

Home Builders Research reported seven new for-sale product lines opening in March, bringing over 630 lots into the market.

DR Horton, KB Home, Lennar and Richmond American Homes debuted new communities, all but one of which are traditional, single-family products, the firm reported.

The three new openings from DR Horton were all new phases within its Heartland community in the Villages at Tule Springs master plan in North Las Vegas.

Home Builders Research reported new home net sales (new sales minus cancellations) in March were 34 percent below the historical average for the last month of the first quarter.

Builders appeared to feel the effects of a slowing economy during the first quarter as gross domestic product declined 0.3 percent and consumer sentiment ranking was at its lowest level since the 1990 recession.

The monthly total (810) was down 39 percent from March 2024 (1,317) and 16 percent lower than last month (962), Home Builders Research President Andrew Smith said, adding that March is historically the best-performing month of the year in terms of net sales. Smith said 2025 was the first time he’s seen a March total this low and that this marked the first time the March figure was lower than February’s since 2015.

Despite this, the average net sales per community per week have still been considered above average by the valley’s standards at 0.9 each week in March, Smith said. He added that the overall conversion percentage in the market (the rate at which buyer traffic is converted into sales) remains on par with 2024 and higher than 2023. “While the March cancellation percentage was slightly higher than the previous three months, it was still a very historically acceptable 13 percent,” Smith said.

Mortgage rates remained fairly steady throughout the month of March, averaging between 6.63 percent and 6.67 percent, Smith said.

The median new home closing price for all product types was $530,000 in March, a 10 percent increase from March 2024. The median new home closing price for single-family detached products was $574,999, up 12 percent from March 2024, Smith said.

For attached-product types, the March 2025 new home median closing price was $394,990, 4 percent higher than March 2024.

All three of these monthly new home median price figures were the highest Home Builders Research has reported, going back to 1990, Smith said.

Las Vegas builders took out 1,001 permits in March, 25 percent below March 2024. The 2025 total of 2,871 is 18 percent below the first quarter of 2024.

“There were a dozen vacant land closings by local builders, highlighted by the highly publicized deal where Lennar acquired the 250-plus acre former Badlands golf course site from the city of Las Vegas for $350 million,” Smith said. “ Beazer Homes, Richmond American Homes, Toll Brothers and Tri Pointe Homes also added to their portfolios in March.”

As for new home closings in March, Smith said there were 942, a 10 percent decrease from March 2024. The 2025 total of 2,596 is 12 percent lower than 2024 through the first quarter.

The new home market share in terms of overall closings in March 2025 was 25 percent, the lowest level thus far this year, but very close to what was reported in January (26 percent) and February (27 percent), Smith said.

There were 679 single-family detached closings in March, 11 percent fewer than a year ago. The 2025 total (1,897) stands 12 percent below 2024 through the first quarter, Smith said.

Attached products closed 263 units in March, 6 percent fewer than in March 2024. The 2025 total (699) stands 9 percent below 2024 through the first quarter, Smith said.

Market share for attached new home products in March

came in at 28% for the second straight month, Smith said.

Smith cited Clark County data showing 15.1 percent of new home closings in March were cash transactions, 2 percent lower than the previous month. Of those that were financed, the average loan amount was $482,199. The largest loan for a new home closing in March was $4 million by West One Capital Group for a home in the Obsidian community from Blue Heron in Henderson, Smith said.