In the Las Vegas, NV market in November, closings of new homes increased year-over-year, but with a rise less sharp than October 2015, there were suggestions the market may be leveling out. Closings moved from 581 in November 2014 to 582 in November 2015. This followed a 10.2% rise in October from the year earlier.
A total of 6,755 new homes were sold during the 12 months that ended in November, up from 6,754 for the year that ended in October.
Out of all housing closings, new home closings represented 14.0%. This is a lift from 10.4% of closings a year earlier. Following a year-over-year decline in October, closings of new and existing homes also dropped year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes went from $366,654 in November 2014 to $368,360 in November 2015. This followed a 13.8% boost in October year-over-year.
The average mortgage size on newly sold homes sank year-over-year in contrast to the average price of new homes. It slid 1.0% in November from a year earlier to $298,041. Average mortgage size grew 9.0% in October 2015 from a year earlier.
Other Market Trends
There has been little change in the composition of the market with regard to the types of properties sold. From a year ago, single-family home closings have moved from 94.5% of new home closings to 93.6% of closings while attached units have gone from 5.5% of closings to 6.4% of closings.
The average unit size of newly sold homes went from 2,494 square feet in November 2014 to 2,501 square feet in November 2015. In October 2015, the average size of newly sold homes climbed 6.3% from the year earlier. In October, the average size of new homes sold went from 2,335 square feet a year earlier to 2,481 square feet.
Foreclosures and real estate owned (REO) closings rose in November from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings made up 23.6% of existing home closings, up from 19.0% a year earlier. The percentage of existing home closings involving foreclosures went from 9.6% in November 2014 to 10.2% in November 2015 and REO closings as a percentage of existing home closings rose to 13.4% from 9.4%.