Lennar leads in home sales for August

Las Vegas builders opened eight new product lines in August, bringing 700 lots to the market with Lennar leading the way in the month with 124 net sales.

Las Vegas-based Home Builders Research reported KB Home, Lennar and Richmond American Homes debuted new communities. Lennar opened Grandview, a 196-unit gated townhome community in North Las Vegas and Parkside, a 66-lot infill project of two-story detached homes off Cheyenne Avenue in the northwest valley.

Primrose Park from Richmond American Homes features 76 detached homesites in Summerlin with four available plans between 3,400 square feet and 3,700 square feet.

Home Builders Research President Andrew Smith said KB Home was the big mover in August with five new projects hitting the market. Chelsea Commons will have 94 townhomes in the southwest valley, Manzano is in the east valley at Boulevard Highway and U.S. 95 with two detached product lines. KB also unveiled the latest phases of its uber-successful Landings and Greencourts products in the Inspirada in west Henderson.

While Lennar was the top-selling builder, Shea Homes’ Trilogy at Sunstone active adult project in the northwest valley was the top-selling single community with 15 net sales, Smith said.

Amid a slowdown in sales during elevated mortgage rates, Home Builders Research reported there were only four vacant land closings by local builders in August, adding just 25 acres to their portfolios.

Richmond American Homes added 2-plus acres near Gillespie and Silverado Ranch; Toll Brothers added 15 acres near Pebble and Grand Canyon and 20-plus acres near Arville and Rush; and Woodside Homes added 5-plus acres near Homestead and O’Hare.

“Given the current zoning of these vacant parcels, which could change, we assume an average of six to eight homes per acre, meaning this month’s land closings will only add around 150 to 200 new homes to the market,” Smith said. “That is less than one week’s worth of sales in a slower market.”

August saw local builders pull 650 new home permits — a 19 percent increase from July and a 24 percent decrease from August 2024, Smith said.

“As usual, builders are adjusting their permitting schedule to more closely meet current market demand,” Smith said.

The overall net sales number for August 2025 was down 17 percent from July, and down 37 percent from August 2024, putting the market on pace for less than 10,000 annual new home net sales for the first time since 2022.

Smith said there were some bright spots in the August numbers. The average net sales per week of 163 increased for the first time month-to-month since February, and during the last week of August, builders reported more than 200 weekly net sales for the first time since late June and fifth time since the fourth quarter.

The base asking prices continue to slowly shift higher, Smith said. Thus far in 2025, 25 percent of net sales have come in communities with an average base asking price over $600,000, compared to 21 percent overall in 2024.

The overall median closing price of $536,471 in August is the highest tracked by Home Builders Research and the third time this year a new record has been set, Smith said. Single-family homes were $584,190, a 6.9 percent increase, while townhomes were 386,085, a 1.2 percent increase over August. 2024.

This year’s distribution of new home net sales has remained similar to 2024. Henderson at 28 percent, northwest at 25 percent, and the southwest at 24 percent continue to lead the market. North Las Vegas is showing growth at 15 percent, Smith said

Market share for attached new home products in August was 26 percent, or about average for the past 18 months, Smith said.

Citing Clark County data, Home Builders Research said 16 percent of new home closings in August were cash transactions. Of those that were financed, the average loan amount was $498,796, which is the highest value Smith said he’s reported since he began tracking this in 2023. The largest loan for a new home closing in August was over $2.7 million by First Option Mortgage for a home in the Lone Mountain Estates area in the northwest by Templeton Development Corp.