D.R. Horton and Lennar tied as November’s top-selling builders with 92 net sales as Las Vegas builders have taken out their fewest number of permits in a decade and cut back on land purchases last month.
Las Vegas-based Home Builders Research reported Pulte Group’s stalwart, Sun City Mesquite under the Del Webb Communities brand, was again the top-selling single community with 13 net sales.
Home Builders Research reported three new for-sale product lines opened in November, bringing 318 lots into the market. Richmond American Homes (Lexington Chase) and D.R. Horton (Heartland Bay 1.18 and Tropical Falls) opened new communities last month.
Heartland Bay 1.18 is the third phase of the builder’s popular two-story product line, said Home Builders Research President Andrew Smith. With three plans between 1,715 square feet and 1,872 square feet, Heartland Bay is priced between $431,000 and $459,000.
Tropical Falls is an 81-lot community in North Las Vegas offering three two-story plans between 2,436 square feet and 3,000 square feet with prices starting between $484,000 and $528,000.
Lexington Chase features 77 lots and is located in the southwest sub-market area off Durango Drive. It also offers three two-story plans between 2,320 square feet and 2,780 square feet, ranging between $576,000 and $636,000.
The November 2025 building permit total of 517 was 42 percent lower than November 2024. The 2025 total of 8,737 is a 26 percent year-to-year decrease from 2024 through November. With one month to go, 2025 will likely show the lowest permit total in a decade, Smith said.
We counted 716 new home closings in November 2025, a 31 percent decrease from November 2024. The 2025 total of 9,107 is 20 percent lower than 2024 thus far. New home market share in terms of overall closings in November 2025 was 26 percent, just above the 2025 average of 25 percent.
There were 543 single-family detached closings in November, some 30 percent fewer than a year ago, Smith said. The 2025 overall total of 6,646 is 21 percent below 2024 through November.
Attached products closed 173 units in November, 34 percent fewer than in November 2024. The 2025 total of 2,461 stands 16 percent below 2024 through November, Smith said. The market share for attached new home products in November was 24 percent.
Smith in citing Clark County data, said 16 percent of new home closings in November were cash transactions.
Of those that were financed, the average loan amount was $519,734. The largest loan for a new home closing in November was $5 million by Stockman Bank of Montana for a home by Blue Heron in MacDonald Highlands in Henderson.
The median new home closing price for all product types was $533,832 in November 2025, a 3.3 percent increase from November 2024, Smith said. The median new home closing price for single-family detached products was $577,950, up 4.9 percent from November 2024. For attached product types, the November 2025 new home median closing price was $390,990, 1 percent higher than November 2024, as well as the highest we have on record, Smith said.
Overall land closing activity was also slower than normal in November, with under 90 total transactions recorded. Vacant land purchases by homebuilders were also scant, with just four closings in November, adding just under 70 acres to their portfolios, Smith said.
“Only one sale was of significant size, with Lennar acquiring nearly 55 acres in a far western portion of the Southern Highlands master-planned community,” Smith said. “Liberty Homes, Signature Homes and Toll Brothers each closed on individual parcels sized roughly 4 to 5 acres each.”
