Klif Andrews, the division president of Tri Pointe Homes, which unveiled a luxury development in Summerlin this month, and will roll out another in Lake Las Vegas in January, said he’s expecting the new-home market to strengthen in 2026 as interest rates continue to decline.
Interest rates have hovered in the high 6 percent mark most of the year, but have come down to the lowest level of the year in the low 6s and should move down further after the Federal Reserve this week cut its benchmark rate and promised more cuts in the future.
Tri Pointe opened its newest community this month in Summerlin at the new Grand Park development.
The homebuilder’s Carlisle project will feature 98 new homes, 52 in the Carlisle Peak and 46 in the Carlisle Ridge. The starting prices are $1.5 million and go as high as $2.5 million. Eight homes have been sold so far.
Carlisle Ridge is one-story and two-story homes that go up to 4,000-plus square feet. Carlisle Peak is two-story homes with the same maximum size.
“These are the two luxury communities in the newest village in Summerlin, and it continues a legacy of luxury communities that we’ve built up there,” Andrews said.
“We’ve also built Overlook, Candlewood, Nova Ridge and Kings Canyon in Summerlin. This is our newest luxury community since 2023.”
Andrews said the demand for new homes is on the higher end, and Tri Pointe has done well in the past on luxury communities and is seeing good demand now.
Since 2020, sales of luxury-tier homes priced more than $1 million have more than doubled, reflecting continued interest in high-end, design-forward living. This momentum highlights the strong market fundamentals supporting new luxury offerings like Carlisle, Andrews said.
“The luxury segment has been doing very well over the past two years, even as the market has slowed down this year,” Andrews said. “It hasn’t slowed down in the luxury new-home communities. There is such a lack of supply for great luxury homes. The luxury buyer has a lot more discretionary income, and they can finance it multiple ways or by cash. They usually don’t have to sell a home to buy one of these homes. This is a well-heeled customer that’s an experienced homebuyer and knows their way around real estate and investing in their homes.”
Carlisle is the last neighborhood Tri Pointe has opened in 2025, after opening nearby Edgewood in Summerlin.
Edgewood is for move-up buyers and priced from the high $700,000s up to $1.2 million. It has 54 lots that started selling in January and will be wrapped up in early 2026. Some 32 homes have been sold so far.
Tri Pointe will be opening a community in Summerlin in 2026 for move-up buyers that offer views of the valley. Homes start with prices in the high $600,000s, going up to $900,000.
At Lake Las Vegas in North Shore, Lakeview Ridge will be priced between $900,000 and go up to $1.6 million when it opens in January. Models are under construction. The luxury view homes will feature one story and two stories from 2,500 square feet to 3,400 square feet. There are 52 lots with many having views of the lake.
“It takes advantage of terrific views in Lake Las Vegas,” Andrews said. “It’s an affordable luxury in a resort community and offers resort-style living with great indoor-outdoor living and luxury amenities.”
For their luxury communities, Andrews said they are primarily seeing local residents purchasing them, but they are also seeing those from out of state, as well.
“More than half of our buyers are local move-up buyers,” Andrews said. “I expect the same for Lake Las Vegas. We’ll see primarily local move-up buyers and a good segment of out-of-state buyers that are choosing to relocate and want resort-story living and all the luxury amenities that we’re offering.”
Andrews called the new-home market soft as the year closes. New home closings are down 23 percent for the year through July, and net sales in July were 40 percent below the historical average, according to Las Vegas-based Home Builders Research. The average net sales per week (157 in July) has declined each month this year since February (238 per week).
“It’s soft as we head to year-end, but we’re seeing signs that we’re going to have a strong January and preparing to have a busy January and February,” Andrews said. “Interest rates are coming down, and there’s pent-up demand. Buyers haven’t been selling their homes or buying new homes, and as interest rates come down, it becomes easier to sell a home and buy a home. We’re still seeing the economy do well, and the overall jobs market is doing well. Lower interest rates are going to create more urgency for buyers to buy now.”
Not only are rates lower, but Tri Pointe, like other builders, is offering incentives to buyers. Andrews said they are offering incentives to help buyers get rates below 5 percent.
“Interest rate uncertainty has made buyers very uncertain and as interest rates come down and there’s certainty we’re in a lower overall rate environment, it creates more urgency and activity,” Andrews said. “Right now, with incentives out there, the end of the year is a great time to buy, and we’re seeing buyers who are motivated to get the deals being offered. That’s exciting.”
