Closings of new homes in the Las Vegas, NV market slid year-over-year in July, swinging downward off a year-over-year boost in June 2015. New home closings saw a fall of 6.2% from the year earlier to 512. This came after a 32.6% climb year-over-year in June.
A total of 6,093 new homes were sold during the 12 months that ended in July, down from 6,127 for the year that ended in June.
Out of all housing closings, new home closings made up 10.7%. A year earlier, new home closings represented 11.5% of total closings. After new and existing closings rose in June year-over-year, they stayed level in July.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.5% boost year-over-year to $360,032 per unit in July. This lift is smaller than the 15.1% surge in June year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In July 2015, there was a 10.8% gain in the average mortgage size, reaching $303,137. Average mortgage size increased 9.9% in June 2015 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes jumped from 95.1% in July 2014 to 97.3% of closings in July 2015. At the same time, the share of new home closings belonging to attached units sank to 2.7% of closings from 4.9% of closings.
There was a 3.1% bump year-over-year in the average unit size of newly sold homes to 2,499 square feet in July 2015. The average size of newly sold homes moved from 2,378 square feet in June 2014 to 2,363 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 24.2% of existing home closings, below 28.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 9.5% in July from 12.9% a year earlier while REO closings as a percentage of existing home closings fell to 14.7% from 15.8% a year earlier.