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New Home Sales Hit Record High In Las Vegas As Total Sales Drop

Wednesday, July 28, 2021   /   by Ken Couture

New Home Sales Hit Record High In Las Vegas As Total Sales Drop

New Home Sales Hit Record High In Las Vegas As Total Sales Drop.png
Las Vegas home builders' sales activity fell further last month when buyers again paid record prices for new buildings.

According to a new report from Home, home builders reported net sales of 935 units in Southern Nevada in June (recently signed sales contracts minus canceled orders), which is the third consecutive month of a month-on-month decline and also this year’s lowest level.

According to company president Andrew Smith, the basic selling price of builders continues to rise throughout southern Nevada, although the speed of some developers has slowed recently and the frequency has also decreased.

Nevertheless, overall, the median transaction price of new homes this year has been rising every month, reaching a record high of US$411,418 in June, an increase of 8.6% over the previous year.

After the buyer signs the sales contract with the builder, it can take several months to complete the construction of the home and complete the purchase.

Sales activity by Las Vegas homebuilders slowed further last month as home buyers again paid record prices for new buildings.

According to a new report from Las Vegas-based Home Builders Research, real estate developers reported 935 net sales - new sales contracts signed minus cancellations - in southern Nevada in June, marking the decline for a third consecutive month and was the lowest in a year, according to a new report from Las Vegas-based Home Builders Research.

Manufacturers' asking prices continue to rise in southern Nevada, though more slowly and less frequently recently for some developers, said company president Andrew Smith.

Overall, however, the average closing price for new homes has risen monthly this year, hitting a record high of $ 411,418 in June, up 8.6% from the previous year.

After a buyer signs a purchase agreement with a builder, it can take several months for the home to be completed and the sale to be made.

Driven by low borrowing costs and more out-of-state buyers than usual, the Las Vegas housing market has seen record prices and brisk sales for months. On the resale side, home hunters have flooded properties with offers and consistently outbid the asking price, while homebuilders have consistently raised prices, putting buyers on a waiting list. and agreed to offer multiple lots. 
Locally, used home sales fell for two months during the typically busy spring shopping season before rebounding in June.

However, as Smith's report shows, total homebuilder sales continued to decline last month as prices continued to climb and buyer traffic to new subdivisions "steadily declined." "during the second trimester.

Nationally, the sales pace of people building single-family homes fell 6.6% last month from May and 19.4% from June of last year, officials reported. Federal Monday report.

US builders sold homes last month at the lowest rate in more than a year, according to the National Association of Builders.

Robert Dietz, the association’s chief economist, said in a news release that “sales have trended lower as construction costs have increased,” adding builders have tried to manage supply delays and “cost challenges” and, in many regions, dealt with shortages of lots and labor.

Locally, some builders have decided to hold back lots for sale to better meet delivery goals and “avoid being hit too hard by increases in material prices that seem to be inevitable between the time the sales contract is signed and when the home can actually begin to be built,” Smith wrote.

Still, automakers reported 7,348 net sales in southern Nevada for the first half of the year, up 46% from the same period in 2020, according to Smith, a period last year that included a drop in home sales after the pandemic. closures and other chaos.

Builders also closed 5,825 homes for sale this year through June, up 22% year-on-year, and withdrew 7,792 new home purchase permits through mid-2021, up 61% year-on-year. , showing a strong increase in construction plans.

Overall, the market remains hot, “though perhaps not as hot as it has been over the previous nine months,” Smith wrote. 


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