Midyear report shows new home sales down

Lennar topped the list as the No. 1 Las Vegas new homebuilder in a year that has seen the top 10 show a 22 percent sales decline while the market share of more affordable townhomes continues to increase, hitting its highest mark in 12 years.

The latest numbers from Home Builders Research show the top 10 builders in 2025 had 4,619 sales, down from 5,907 in the first half of 2024.

The building industry nationally has faced a decline from elevated interest rates, higher costs and concerns about the economy. Interest rates have hovered just below 7 percent.

No. 1. Lennar had 1,065 net sales in the first half of 2025, a 11 percent decline from 1,198 in 2024. Lennar was June’s top-selling builder with 156 net sales.

The No. 2 builder was DR Horton with 906 sales, 3 percent lower than the 931 in 2024. It fared the best among the top 10 builders and had the overall best selling community in June with Juno Pointe in North Las Vegas with 15.

The No. 3 builder was Pulte with 733 sales, down 19 percent from 900 in 2024. The top-selling community for the first half of 2025 was Sun City Mesquite by Del Webb (Pulte Group) with 114.

The No. 4 builder was KB Home with 648 sales, 11 percent lower than the 728 a year ago.

The No. 5 builder was Richmond American with 262 sales, a 55 percent decline from 578 a year ago.

The No. 6 builder was Toll Brothers with 251 sales, a 30 percent decline from 360 in 2024.

The No. 7 builder was Beazer Homes with 200 sales, a 28 percent decline from 277 a year ago.

The No. 8 builder was Touchstone with 197 sales, a 22 percent decline from 252 a year ago.

The No. 9 builder was Century Communities with 181, a 56 percent decline from 410 a year ago when it was ranked sixth.

The No. 10 builder was Tri Pointe Homes with 176 sales, a 36 percent decline from 273 a year ago.

New projects

Las Vegas-based Home Builders Research President Andrew Smith reported nine new for-sale product lines opened in June bringing 475 lots into the market.

Century Communities, KB Home, Lennar, Pinnacle Homes, Richmond American Homes, Tri Pointe Homes and Woodside Homes debuted communities, all of which are traditional single-family products.

These new projects offer plans averaging 2,607 square feet, Smith said.

Smith reported there were five vacant land closings by local builders in June, adding 34 acres to their portfolios. DR Horton, Richmond American Homes, Signature Homes and Taylor Morrison added raw acreage.

Attached new homes

Attached products closed 277 units in June, 3 percent fewer than in June 2024. For the second quarter, there was a 6 percent decrease from 2024 (722). The 2025 total of 1,421 stands 8 percent below 2024 through June, Smith said.

“Market share for attached new home products in June increased to 31 percent, the highest we have reported going back to 2013 and only the second time this figure has been over 30 percent,” Smith said.

Prices

The median new home closing price for all product types was $523,492 in June 2025, a 5 percent increase from June 2024, Smith said. The median new home closing price for single-family detached products was $595,990, up 11 percent from June 2024 and setting a new high for the fourth consecutive month.

For attached product types, the June new home median closing price was $394,000, 2 percent higher than June 2024. It’s just below the record.

Base asking prices continue to slowly shift higher among builders, 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.

Valley regions

This year’s distribution of new home net sales has remained similar to what Smith said they reported in 2024. The relative surge in the east sub-market area has slowed somewhat along with the northwest while Henderson and the southwest continue to lead the market and North Las Vegas is showing growth.

Henderson has had 28 percent of the sales this year followed by 25 percent in the southwest and 24 percent in the northwest. North Las Vegas has 15 percent of the sales. The east valley and Mesquite each has 3 percent. The south has 2 percent.