According to a recent report by Home Builders Research, builders closed 1,029 new-home sales in Southern Nevada in September, up 13.3 percent from the same month last year. Overall sales are 18.4% up for the year. And yet, sales have dropped in several master-planned communities, including Summerlin, Inspirada, and Cadence. Master-planned developments are typically more expensive, as entry level units seem to be picking up the slack.
“Are new home sales softening? Overall, yes, we are seeing a dip in average sales per project per week,” said the report, by Home Builders Research President Andrew Smith and founder Dennis Smith. But the downshift “is coming off of an extremely strong first half of the year,” and buyer traffic at sales offices remains strong, they wrote, adding that house hunters may be “slightly more cautious” or priced out altogether because of rising mortgage rates.
Still, the latest numbers show the importance of affordably priced homes and “the increased market share they are commanding” in Southern Nevada, the Smiths wrote. For one thing, there seems to be ample demand for townhomes and condos, which are typically less expensive than single-family houses. Builders closed 1,009 sales of attached homes this year through September, up more than double from the same period in 2017.Read More