Las Vegas' land business has downshifted again.
Las Vegas Sun reporter Eli Segall reports on the data and what it may mean, noting that investors have pared back on purchases amid rising prices, a shrinking inventory of choice parcels, the still-wobbly economy and slower population growth. Segall writes:
Builders sold about 5,500 new homes in 2012; 7,300 in 2013; 6,000 in 2014; and 6,100 last year through November, according to Las Vegas-based Home Builders Research.
Homebuilders pushed up land prices during the brief buying binge. But now, brokers say, landowners often are asking too much.