91°F
weather icon Partly Cloudy

Las Vegas builders show drop in new-home sales in March

Las Vegas builders posted a sharp drop in house sales last month, though buyers picked up a rising tally of less-expensive condos and townhomes, a new report shows.

Builders closed 871 new-home sales in March in Southern Nevada, down 17.7 percent from the same month last year, according to Las Vegas-based Home Builders Research.

The median purchase price was $383,583, up 8 percent year-over-year.

The drop-off in deals was driven by fewer sales of single-family homes, the bulk of Las Vegas’ homebuilding market.

Buyers picked up 746 newly built houses last month, down 21.3 percent from March 2018. The median sales price was $398,054, up 10.8 percent year-over-year, Home Builders Research reported.

At the same time, builders closed 125 sales of attached homes last month, up 13.6 percent from March 2018. The median purchase price was $270,990, up 8.25 percent.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Top 5 most expensive Las Vegas home sales — PHOTOS

Las Vegas may be crammed with cookie-cutter stucco houses, but there are also plenty of mansions around the valley with wine cellars, game rooms, gyms, movie theaters, and other pricey amenities.

Las Vegas among cheapest places to live for millennials

To determine the 50 most affordable cities for millennials, GOBankingRates analyzed over 700 cities with at least 50,000 residents and a millennial population of 21.6% or greater. Factors included the three-year change in each city’s millennial population, the overall cost-of living index, the median monthly rent and the median home list price.