New home sales slow; prices continue to rise

Cadence in east Henderson is positioning itself to remain one of the top-selling master plans in the country after a strong April while the market overall saw a slowing of sales and closings amid elevated interest rates just below 7 percent.

Las Vegas-based Home Builders Research reported Cadence had 120 sales in April, which puts it on track to come close to or exceed its 2024 sales numbers of 1,386. The 2024 numbers placed it No. 3 in the country, according to RCLCO, which tracks housing market sales nationwide. Cadence had 964 sales in 2023.

Summerlin, which had 1,055 sales a year ago and ranked No. 5 in the nation, had 70 sales in April.

Sunstone in northwest Las Vegas was third with 54 sales, followed by Lake Las Vegas with 42 and Inspirada in west Henderson with 32.

Home Builders Research President Andrew Smith said there were 18 new for-sale product lines that opened in April, bringing more than 1,400 lots into the market.

Century Communities, Lennar, Richmond American Homes and Toll Brothers debuted new communities, all but two of which are traditional single-family home products. Bravado from Century Communities was the only of these in North Las Vegas, Smith said.

Eleven of the new projects belong to Lennar, including offerings in Cadence, Inspirada, Lake Las Vegas, Summerlin and Sunstone, Smith said.

Lennar was the month’s top-selling builder with 189 net sales. Dorrell Place, a single-family project in North Las Vegas, had 13 net sales in April and 20 total net sales since opening in late February. With 12 sales, Lennar also had Heritage Square, an attached product also in North Las Vegas that was one of the active communities the builder acquired from local private builder Harmony Homes earlier this year.

The overall best-selling community in April was Sun City Mesquite by Del Webb (Pulte Group) with 19, Smith said.

“Located 80 miles northeast of Las Vegas, it has remained one of the top-performing communities in Southern Nevada since opening 18 years ago this month in 2007.”

The three top-selling subdivisions in April were all age-restricted, active-adult communities with Sun City Mesquite being trailed by Trilogy Sunstone by Shea Homes with 18 and Del Webb at Lake Las Vegas with 17, Smith said.

Home Builders Research reported 850 new home closings in April 2025, an 11 percent decrease from April 2024. The 2025 total of 3,446 is also 11 percent lower than 2024 thus far, Smith said.

The new home market share in terms of overall closings in April 2025 was 22 percent, a month-to-month decrease for the second straight month, though this is on-par with April 2024, Smith said.

There were 642 single-family detached closings in April, 12 percent fewer than a year ago. The 2025 total of 2,539 was 12 percent below 2024 through April, Smith said.

Attached products closed 208 units in April, 6 percent percent fewer than in April 2024. The 2025 total of 907 stands 9 percent below 2024 through April, Smith said.

Market share for attached new home products in April decreased to 25 percent, just below the 2024 average of 26 percent per month, Smith said.

The median new home closing price for all product types was $529,833 in April 2025, an 8 percent increase from April 2024, Smith said.

The median new home closing price for single family detached products was $579,998, up 11 percent from April 2024 and another record high. For attached product types, the April 2025 new home median closing price was $388,443, even with April 2024, Smith said.

There were two dozen vacant land closings by local builders in April, adding more than 200 acres to their portfolios. Pulte Group, Beazer Homes, KB Home, Richmond American Homes, Landon Miller Homes and Woodside Homes all added raw acreage, Smith said.