There was an increase in closings of new homes in the Las Vegas, NV market in September year-over-year, but the increased on a percentage basis less sharlpy than August 2015, showing signs of market stabilization. Closings increased 2.5% from a year earlier to 645. This came after a 21.6% hike year-over-year in August.
A total of 6,575 new homes were sold during the 12 months that ended in September, up from 6,559 for the year that ended in August.
Of 4,582 total closings, 645 were of new homes. This is better than the 12.2% of closings a year earlier. After rising year-over-year in August, closings of new and existing homes fell year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes rose year-over-year to $368,968 in September, up 10.2% from last year. This rise is better than the 8.1% bump in August year-over-year.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. The average mortgage size saw a 12.0% boost year-over-year to $309,248 in September. In August 2015, average mortgage size increased 7.5% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. Single-family home closings rose from 92.8% of new closings in September 2014 to 95.3% of closings in September 2015. At the same time, the share of new home closings belonging to attached units dropped to 4.7% of closings from 7.2% of closings.
The average unit size of newly sold homes fell 2.6% year-over-year to 2,300 square feet in September 2015. This drop was opposite the price gain, a pattern also seen in August 2015 when the average size of newly sold homes dropped 5.6% to 2,227 square feet. The average size of newly sold homes moved from 2,358 square feet in August 2014 to 2,227 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 23.7% of closings, below 38.0% a year earlier. The percentage of existing home closings involving foreclosures went from 10.8% in September 2014 to 11.2% in September 2015 and REO closings as a percentage of existing home closings sank to 12.5% from 27.1% a year earlier.