68°F
weather icon Partly Cloudy

New home sales up for year despite summer slowdown

Las Vegas new home sales in 2024 continue to run higher than the previous two years despite the typical summer slowdown.

Las Vegas-based Home Builders Research reported there were 852 net sales in July — the lowest total of the year — but it was 5 percent higher than the 813 net sales in July 2023 and the 434 net sales in July 2022 when they were slowed by rising interest rates.

The strength in the housing market comes as average 30-year mortgage rates have continued their steady decline since April, sitting around 6.5 percent after surpassing 7 percent, according to Home Builders Research President Andrew Smith. For the year, new home net sales at 7,504 are running 17 percent higher than 2023.

Henderson led the way in July with 27 percent market share, up from 26 percent a year ago. The northwest valley had 26 percent, down from 29 percent a year ago. The southwest 23 percent, down from 25 percent a year ago, as Smith suggested the southwest area homebuilders should slow because of land availability. North Las Vegas had 14 percent market share in July, up from 12 percent a year ago.

There were 1,040 closings in July, bringing the yearly total to 7,033, a 13 percent increase over 2023. Closings are a lagging indicator.

Those closings were led by town homes and other attached products that are 25 percent higher than 2023. Single-family home closings are up 9.9 percent, Home Builders Research reported. Attached homes made up 27 percent of the new home closings.

The median price of new attached products in July was $389,197, a 3.9 percent increase over July 2023. The median price of new homes was $534,591, a 5 percent increase.

More homes built in July fell in the $500,000 to $600,000 category at 24 percent, up from 21 percent. Those homes priced between $400,000 and $500,000 comprised 40 percent, down from 42 percent. Those priced between $800,000 and $900,000 went from 1 percent of the market in July 2023 to 3 percent in July 2024, according to Home Builders Research.

Smith said the average new home base asking price in the market has risen by 3 percent since the start of the year. As for the average price per square foot, it was $248 in January and has since risen to $255.13, a 2.7 percent increase.

“Individual builders have varied in their pricing strategies in 2024 with some increasing prices by 10-plus percent, and others lowering them by 5 percent or more,” Smith said.

Builder activity remains solid. There were 1,109 permits taken out in July to bring the annual total nearly 1,000 higher than through July 2023. That’s a 14 percent increase in permits taken out by builders and the market is on pace to obtain more than 13,000 permits, Smith said.

“Relatively high buyer demand continues to accentuate the lack of available inventory for both new and resale homes,” Smith said.

Lennar was July’s top-selling builder once again with 193 net sales. Their projects with the most sales were Centennial Heights in the northwest with 17 net sales, also making it the best-selling project in July. Lennar also had Highpoint at Black Mountain Ranch and Hampton in Henderson with 13 apiece.

D.R. Horton with 144 net sales and KB Home with 104 were second and third during the month.

Home Builders Research reported seven new for-sale product lines opening in July, bringing 708 lots into the market. D.R. Horton debuted two communities in North Las Vegas and another in the southwest.

Lennar opened two more communities in Cadence in East Henderson with Preston Village and Carlton, both detached products.

Harmony Homes has another town home community, Presley Place on Boulder Highway and Sunset Road, and Richmond American Homes is now selling at Stonehaven in the southwest, Smith said.

Citing Clark County data, Smith said 18 percent of new home closings in July were cash transactions. Of those that were financed, the average loan amount was $435,499. Smith said the largest loan for a new home closing in July was $2.6 million for a custom speculative home in Southern Highlands.

In contrast, Clark County data shows 30 percent of resale home closings in July were cash transactions. Of those using financing, the average loan amount was $413,289. The largest loan for a resale home closing in July was $3.803 million by Zions Bank for a home in MacDonald Highlands built in 2007, Smith said.

Builders added 71 acres of undeveloped land to their portfolios in July, Smith said. They were led by D.R. Horton, which added another 23 acres north of the 215 freeway at Revere Street in the Villages at Tule Springs in North Las Vegas. Richmond American Homes closed on 2.5 acres in the northwest, as well as just over seven acres in the southwest, he said.

MOST READ
In case you missed it
Don't miss the big stories. Like us on Facebook.
THE LATEST
Lake Las Vegas announces spring events

With spring in full swing, Lake Las Vegas is gearing up to host a series of events throughout the month of May. From luxury cars to live symphonic music and adrenaline-pumping dragon boat races, the community is coming together for fun, entertainment and charitable causes.

Lei Day Parade returns to Downtown Summerlin May 1

Downtown Summerlin, the dynamic urban core of the Summerlin master-planned community, announces the return of its fourth annual Lei Day parade, presented by Fletcher Jones Nevada, on May 1.

Ovation announces new brand for its affordable senior housing

Heirloom at Pebble, the company’s newest senior affordable housing community, will begin leasing in May with a formal grand opening planned in June. Located at 2325 E. Torino Ave., Heirloom at Pebble offers 139 one-bedroom apartments and 56 two-bedroom apartments for qualifying seniors ages 55-plus with incomes from 30 to 60 percent of area median income.

Builders support Southern Nevada Trades High School

Training a skilled labor force to supply the human resources required by Southern Nevada homebuilders has become an urgent need in recent years.

BHHS Nevada to lead sales for English Residences in Midtown

Berkshire Hathaway HomeServices Nevada Properties announces its role as the exclusive real estate sales brokerage for Midtown Las Vegas, a master-planned community in the heart of the Las Vegas Arts District. This new development includes The English Residences, the first-ever Marriott Tribute Portfolio Hotel and Condo Residences in North America, with an anticipated opening in late summer 2026.

Celebrate Earth Day at Downtown Summerlin

Celebrate Earth Day at Downtown Summerlin, the vibrant and walkable urban core of the Summerlin master-planned community with two days of fun and lively events, including the return of the Giant Student Farmers Market and Tour de Summerlin.

Richmond American to open Salerno Summit at Lake Las Vegas

Marble Mesa, Richmond American Homes’ popular neighborhood of ranch-style homes in Lake Las Vegas, has sold out. The builder will be opening a new neighborhood in the Henderson master plan, Salerno Summit; with an interest list open and construction and sales slated to launch this spring.

Senior housing community breaks ground in North Las Vegas

On March 26, Foresight Housing Partners and its nonprofit partner HopeLink of Southern Nevada officially broke ground on PuraVida Senior Living, a supportive housing community located next to Lake Mead West Apartments in the city of North Las Vegas.

Summerlin’s villages, districts have their own look

The Summerlin master-planned community has long been heralded for its standard-setting design requirements that give it a distinctive look and feel while helping to maintain aesthetics and home values.

New home sales remain steady January-February

Homebuilding in the southwest and northwest valley has picked up so far in 2025 while Henderson has seen a slight slowdown as overall sales have remained steady from January to February, according to Las Vegas-based Home Builders Research.

MORE STORIES