According to the Las Vegas Review-Journal, PulteGroup is predicting a “material slowdown” in sales activity due to the coronavirus pandemic. The firm recently launched 55-and-over Del Webb communities in Henderson and North Las Vegas, and a 300-acre Reverence community in Summerlin. Pulte strengthened its position in Vegas after buying out American West last year from founder and longtime Las Vegas developer Larry Canarelli.
Atlanta-based PulteGroup, whose developer brands include Pulte Homes, Del Webb and American West, reported $203.7 million in profit for the three months ended March 31, up 22.2 percent from the same period last year. It closed 5,373 home sales nationally during the first quarter, up 16 percent from a year earlier.
Gov. Steve Sisolak last month ordered casinos and other Nevada businesses closed to help contain the spread of the new coronavirus, while allowing construction, hospitals, grocery stores and other “essential” lines of work to stay open during the public health crisis. People are still buying homes in the Las Vegas Valley, but the pipeline of sales has shrunk fast amid record job losses in Nevada.
Builders signed 197 sales contracts in Southern Nevada during the first two weeks of April, down 60 percent from the same period last year, Las Vegas-based Home Builders Research has reported.
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