According to a Friday report by Home Builders Research, home builders in Las Vegas have more than doubled the pace of their land acquisitions in the first four months of 2018. HBR president Andrew Smith and founder Dennis Smith say the region’s builders have acquired about 675 acres of land this year through April, up from 315 acres from January through April 2017.
HBR expects “even larger pieces to be picked up” this year, as the Summerlin and Skye Canyon master-planned communities are releasing new phases and the Valley Vista and Villages at Tule Springs communities are opening for business. D.R. Horton has acquired 200 acres in Valley Vista and 63 acres for a separate condo development.
Builders closed 863 new home sales in Clark County last month, up 36% from April 2017, and acquired 1,047 building permits in the same month, up 28% from one year earlier. This marks the first time since 2007 that Vegas builders have pulled more than 1,000 permits in two consecutive months.
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