Homebuilders open eight new projects in October

Las Vegas homebuilders opened eight new product lines in October as D.R. Horton sat at the top of the list with the most sales during the month and townhomes reached a record high.

Las Vegas-based Home Builders Research reported those eight new product lines brought 660 lots into the market.

Beazer Homes opened Marigold. Century Communities opened Arroyo at Skyeview. D.R. Horton opened Symmetry Trails II. Lennar opened Centennial Point, Estates at El Capitan and The Fields in Mesquite. Richmond American Homes opened Solstice and Woodside Homes opened Meridian.

The Fields from Lennar is noteworthy due to it being the first production home project to open in Mesquite since March 2024 with The Gatherings at Ridgemont from Beazer Homes. The new community offers three plans starting in the mid-$400,000s.

Four of the eight new projects are within large master-planned communities, which follows the norm for the Southern Nevada market, where just over half of new home net sales occur within them, said Home Builders Research President Andrew Smith.

So far in 2025, 54 percent of new home sales were in master plans, equalling the percentage of 2024. It was 53 percent in 2022 and 48 percent in 2021. The high point in the last decade was 57 percent in 2020 during the pandemic.

D.R. Horton was again October’s top-selling builder with 142 net sales. Pulte Group’s stalwart, Sun City Mesquite, under the Del Webb Communities brand, was the top-selling single community with 20 net sales, Smith said.

New homebuilders continue to take out fewer permits amid a slowdown in sales, given the economy and elevated interest rates. Mortgage rates hovered over 6 percent in October.

Builders took out 633 permits in October, 28 percent lower than October 2023. The 2025 total of 8,220 is 25 percent below 2024 numbers through October, Home Builders Research reported.

There were 738 new home closings in October, a 31 percent decrease from October 2024. The 2025 total of 8,391 is 18 percent lower than 2024 thus far, Smith said.

The new-home market share in terms of overall closings in October 2025 was 24 percent, just under the 2025 average of 25 percent.

There were 540 single-family detached closings in October, 32 percent fewer than a year ago. The 2025 overall total of 6,103 is 20 percent below 2024 through October, Smith said.

Attached products closed 198 units in October, 28 percent fewer than in October 2024. The 2025 total of 2,288 is 14 percent below 2024 through October. The market share for attached new home products in October was 27 percent. Smith said.

The median new home closing price for all product types was $535,995 in October 2025, a 2.5 percent increase from October 2024, according to Home Builders Research. The median new home closing price for single-family detached products was $591,000, up 4.6 percent from October 2024.

For attached product types, the October 2025 new home median closing price was $397,750, 1.5 percent higher than October 2024 and a record high, Smith said.

“The fact that this market segment, which is presumably the most affordable, is posting an all-time high is not great in terms of new home attainability in the market in general,” Smith said.

Some 17 percent of new home closings in October were cash transactions. Of those that were financed, the average loan amount was $493,349. The largest loan for a new home closing in October was $3.15 million by Western Alliance Bank for a home in SkyVu by Christopher Homes, Smith said.

Home Builders Research reported there were seven vacant land closings by local builders in October, only adding just under 40 acres to their portfolios. D.R.Horton added about 20 acres; Liberty Homes (5.4 acres), Pulte Group (4.6 acres), Summit Homes (1.6 acres), and Taylor Morrison (5.09 acres) closed deals with an average price per acre of $631,298, Smith said.