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Las Vegas home builders raise prices again

Wednesday, August 25, 2021   /   by Ken Couture

Las Vegas home builders raise prices again

Las Vegas home builders raise prices again.png
Las Vegas home hunters paid a record for new homes last month as developers continued to raise prices and cheap money continued to drive the market.

The median closing price for new homes in southern Nevada was $ 419,951 in July, up 13.1% from the previous year, according to a new report from Las Vegas-based Home Builders Research.

As part of this, single-family homes sold for an average of $440,106 last month, up 10.3% year-over-year, and apartments and townhouses traded for The average price was nearly $320,000, up 20.5%.

All three price levels surpassed their previous all-time highs, set in June.

According to data from Home Builders Research, local home builders also reversed the third drop in sales with 1,128 net sales, or new purchase contracts signed minus cancellations, up almost 21% from June, according to data from Home Builders Research.

The southern Nevada real estate market has seen record prices and sustained sales for months, in large part due to low borrowing costs as well as more foreign buyers than usual. On the resale side, buyers have bought homes on sale and often outbid the asking price, while builders put buyers on waiting lists, bid on lots, and often raise prices in the middle of high demand, supply shortages, and their higher costs.

Across Southern Nevada, builders’ average base asking price has climbed 12 percent since October, while the average size of those homes has shrunk by 5 percent, Home Builders Research President Andrew Smith wrote in the report.

Single-family houses comprise the bulk of builders’ sales in the Las Vegas area, and after a buyer signs a sales contract, it can take several months before the home is completed and the purchase can close.

Overall, homebuilders closed around 6,750 sales this year through July, up 17 percent from the same stretch in 2020, Smith reported.

Nationally, the pace of builders’ house sales inched up 1 percent last month from June but remained roughly 27 percent below year-ago levels, federal officials reported Tuesday.
It was the first monthly gain since March.
U.S. homebuilders “continue to face significant challenges finding and affording” materials, land, and labor, though home sales still “crept up” last month, Matthew Speakman, an economist with listing site Zillow, said in a statement.

Demand for new homes remains strong, he said, adding mortgage rates are still near “all-time lows,” helping buyers who can afford a downpayment and qualify for a loan.
All told, if builders “can find a way to build new homes, consumers will still come for them,” he said.

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