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Demand for new Las Vegas homes increases

Updated December 5, 2017 - 7:54 am

New home closings are on the upswing in Southern Nevada and should finish the year ahead of the 2016 pace.

Home Builders Research reported there were 2,371 closings during the third quarter, a gain of 5.3 percent or 119 transactions over the third quarter of 2016. Through the third quarter, there were 6,644 closings, a gain of 907 over 2016, a 15.8 percent increase.

In October, the firm said there were 746 new home homes to bring the 2017 total to 7,392, a year-over-year increase of 928 sales or 14.3 percent.

“The consumer demand has continued to be stronger than we envisioned earlier this year, so we have amped up our 2017 projection a little for the new home closings,” said Dennis Smith, president of Home Builders Research.

Las Vegas will finish the year with at least a 10 percent increase, Smith said.

The October monthly new home median price continues the trend of setting a new record high, Smith said. The median price was $356,400, a jump of $21,400 from October 2016 or 6 percent.

“Builders have been getting more creative and many have expanded their product offerings trying to reach the lower price ranges,” Smith said.

There were 4,224 resale closings in October of all product types, Smith said. That brought the 2017 total at 42,357, a year-to-year increase of 3,332 transactions, or 8.5 percent.

“We may see almost 51,000 resale closings in 2017, which would be the highest one-year sum since 2005, when there were 58,522,” Smith said. “This is truly an indication of how strong the resale segment is in Las Vegas, despite displaying an acute shortage of existing home listings relative to what the historic norm has been nationally.”

The subdivisions that closed the most homes in 2017 through October, omitting high-rises were:

Jones Crossing (American West) — 130

Expressions (DR Horton) — 128

Sun City Mesquite (Pulte/Del Webb) — 122

Parkview (Century Communities) — 102

Inspirada-Groves (KB Home) — 76

Daybreak/Talus 2 (Harmony Homes) — 75

Boulder Ranch (Lennar) — 72

Warm Springs Ranch/Bay (DR Horton) — 70

Dorado Skies (Beazer Homes) — 66

Coral Bay (DR Horton) — 64

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