In the Las Vegas, NV market in June, closings of new homes fell year-over-year, sliding down after a hike in May 2016. New home closings saw a 4.6% decline from a year earlier to 647. This was after the housing market saw a 26.6% climb year-over-year in May.
A total of 6,841 new homes were sold during the 12 months that ended in June, down from 6,872 for the year that ended in May.
Out of all housing closings, new home closings represented 13.3%. This is an increase on a percentage basis, as new home closings were 11.9% of total closings a year ago. Closings of new and existing homes dropped year-over-year in June after also falling in May year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes moved to $364,037 in June 2016 from $360,532 in June 2015. This followed a 13.4% boost in May year-over-year.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. The average mortgage size saw a 2.0% hike year-over-year to $302,781 in June. In May 2016, average mortgage size climbed 10.3% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 97.8% of new home closings to 97.5% of closings while attached units have gone from 2.2% of closings to 2.5% of closings.
For all new homes sold, the average unit size sank 2.7% year-over-year to 2,414 square feet in June 2016. The average size of newly sold homes moved from 2,475 square feet in May 2015 to 2,603 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 19.9% of existing closings, lower than 21.6% a year earlier. The percentage of existing home closings involving foreclosures went from 8.8% in June 2015 to 8.5% in June 2016 and REO closings as a percentage of existing home closings fell to 11.3% from 12.8% a year earlier.