The Las Vegas new-home construction market continues to show strength as 2019 comes to a close. Prices surged in October, with the median price of a new single-family home surpassing $410,000.
The latest numbers released this week by Home Builders Research show that new-home closings rose by 9.4 percent in October to total 8,658 for the year. That’s still 1.3 percent below where the market was a year ago through October, but given the pace, the closings in 2019 could still surpass 2018. This year is 114 below through the end of October.
There were 871 closings in October, 75 more than October 2018.
In the single-family market in October, there were 764 closings, which is 10.6 percent higher or 73 more than October 2018.
There were 7,413 single-family closings over 10 months through October — 3.2 percent lower or 241 fewer than through the same period in 2018.
What’s making the difference is the attached home market. The 107 attached closings in October were only two more than last year, but over 10 months there have been 1,241 closings, some 11.4 percent higher than in 2018.
Affordability has been a big part of the attached market, but prices are rising and will be a factor to watch as the year closes and 2020 arrives.
The median price was $290,000 for attached units in October. That price point is up 9.2 percent over October 2018.
In the single-family segment, the median price was $410,414, which is a gain of 1.6 percent from October 2018.