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New homes showcased for spring buying season

We’re well into 2022, and it’s hard to believe that spring is already upon us. As the saying goes, April showers bring May flowers. And in homebuilding, lately, it’s always “selling” season. For the homebuilding industry, April is recognized as New Homes Month, a time to bring attention to the many benefits of newly constructed homes.

I’m glad to report that we have seen record sales across the valley and across product types and price points. New homes are move-in ready, and the latest floor plans are both water and energy efficient. It’s really no surprise the demand for our award-winning communities is so high.

Interested homebuyers need to look no further than online resources to get started in the homebuying process. Visiting the website of any Las Vegas homebuilder is a great place to begin, where virtual tours, floor plans and other information can be accessed.

As we look forward to a subsiding pandemic, I’m reminded of how adaptive and innovative builders were as COVID restrictions nearly put in-person home viewing at a full stop. While virtual tours are still available, visiting model homes in any new development, or working with a Realtor, can help interested buyers narrow down their search.

Despite the many challenges we have faced in the past few years and uncertainty from recent global geopolitical events, I don’t anticipate the demand decreasing. In fact, I anticipate the market outlook will look pretty similar to last month’s and will remain stable over the next few months.

The builders in this town have been around for decades and are among the best in the nation. I am confident our builders are doing absolutely everything in their power to continue to provide much-needed housing for Southern Nevada’s actively growing population.

That being said, home prices in Las Vegas have increased at one of the fastest rates nationwide, and housing affordability is an issue I am concerned about every day. Rising interest rates will offset some of the relief we’ve seen in the supply chain and slight brick and mortar stabilization.

We will continue to do what we can as an industry working with our state and local officials to come up with creative solutions to keep housing attainable for working Nevada families.

It is no easy feat, given this long-standing industry has always been ever-changing. Whether there is too much demand for what our labor and material shortages can build, like we’re experiencing now, or really any number of possible world events that can disrupt the balance of an entire sector’s ecosystem, the homebuilding industry in Southern Nevada has endured.

We remain dedicated to improving the quality of life and housing needs of our community. In that pursuit, we celebrate April and all those living out the American dream of homeownership in a brand-new home.

Nat Hodgson is CEO of the Southern Nevada Home Builders Association.

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How concerned should you be about interest rates?

As the rates begin approaching pre-pandemic levels, they are still going to remain within a record-low margin. Southern Nevada’s 30-year fixed mortgage rate is currently averaging 5.1 percent. The 15-year fixed mortgage rate is averaging 4.2 percent and the five-year adjustable-rate mortgage (ARM) is averaging 3.5 percent. Compared to 15 to 20 years ago, we were seeing rates as high as 8 percent to 10 percent.

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