Las Vegas-area communities among top selling in US for builders
Two communities in Southern Nevada are among the top spots nationwide for homebuilders’ sales this year, even as buyers pull back locally and across the country.
Builders sold 722 new homes in Henderson’s Cadence community this year through June, third highest among U.S. master-planned communities, according to a report from real estate consulting firm RCLCO.
Builders also sold 515 homes during the first half of the year in Las Vegas’ Summerlin community, which tied for seventh with Babcock Ranch in southwest Florida.
RCLCO bases its rankings on the total of newly signed sales contracts minus cancellations, or net sales, as reported by each community.
Overall, home sales have been tumbling around the country as high prices and elevated borrowing costs make it difficult for many would-be buyers to afford a place.
Builders’ sales this year in the 50 top-selling master-planned communities fell 6.6 percent from last year, similar to the broader home construction market, RCLCO said.
New-home sales in these communities make up a fraction of all purchases nationally, but the trends and patterns there “tell us a lot about the state of the housing market overall,” RCLCO managing director Gregg Logan said in a news release.
As the firm described it, economic uncertainty, weak consumer sentiment and affordability challenges are cooling the market for new homes.
Builders’ midyear sales tally in Cadence, which spans 2,200 acres off Lake Mead Parkway east of Boulder Highway, was essentially unchanged from the same period last year, falling by just four.
In Summerlin, which spans 22,500 acres along the Las Vegas Valley’s western rim and boasts 130,000 residents, new-home sales dropped by 14 percent from the same period last year, RCLCO reported.
Still, sales tallies in both communities held up better than in Southern Nevada overall.
Builders logged around 5,050 net sales in the Las Vegas area this year through June, down 24 percent from the same stretch last year, according to Las Vegas-based Home Builders Research.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342.
