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Demand for new Las Vegas homes increases

New home closings are on the upswing in Southern Nevada and should finish the year ahead of the 2016 pace.

Las Vegas-based Home Builders Research reported there were 2,371 closings during the third quarter, a gain of 5.3 percent or 119 transactions over the third quarter of 2016. Through the third quarter, there were 6,644 closings, a gain of 907 over 2016, a 15.8 percent increase.

“The consumer demand has continued to be stronger than we envisioned earlier this year, so we have amped up our 2017 projection a little for the new home closings,” said Dennis Smith, president of Home Builders Research.

Smith said there will be about 9,000 new home-recorded sales in 2017, which would result in a 13 percent increase over 2016, Smith said.

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New home sales in the four leading master-planned communities in Las Vegas are down during the first six months of 2019, but builders and analysts said they wouldn’t be surprised if they finish the year even or ahead of 2018.

Several factors play into new home sales dip

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Summerlin and Inspirada lead new home sales

Summerlin and Inspirada led the way in master plan net sales during the first quarter of 2019, according to data released by Home Builders Research. Net sales for the quarter overall were down 19 percent compared to a robust 2018 but similar to 2017.

New-home sales rebound in early 2019

Home Builders Research reported that the 810 closings in February were 27 percent higher than February 2018. For the first two months of the year, the 1,421 closings are 75 more or 5.6 percent higher than a year ago. In releasing his numbers, Home Builders Research President Andrew Smith said the final two months of 2018 made the short term outlook, for the market “a bit worrisome” but sales figures “have rebounded nicely” since the start of 2019.

Expert points to positive signs for new homebuilding

“With the first two months of 2019 nearly in the books, the new home segment of the housing market in Southern Nevada is performing well enough to temper some of the growing concerns many felt about the future in the fourth quarter of 2018,” said Andrew Smith, president of Home Builders Research.

Last year new home sales strongest since Great Recession

Southern Nevada homebuilders finished 2018 on an upbeat note and the year’s closings turned out to be the strongest since the Great Recession. Prices also set a record for single-family homes, creating an opening for more affordable attached housing.

Las Vegas master plan communities continue to develop

Summerlin, which was as low as 25th in the nation in 2011 with 221 sales, has steadily climbed back up the rankings since then. It reported 437 sales in 2014 when it was 15th in the nation and jumped back into the top 10 in 2015 and has stayed there since. It had 769 sales in 2016.