Lennar ending year as No. 1 builder

Lennar continued its strength as the No. 1 builder in Las Vegas in 2022 by taking the top spot in the third quarter rankings of new home sales.

Lennar’s 379 sales topped second place D.R. Horton with 299 net sales.

Lennar, which finished 2021 as the No. 2 builder in Las Vegas behind KB Home, had 1,055 net sales through the first six months of 2022 to add to its 379 in the third quarter of July through September, according to Las Vegas-based Home Builders Research.

Lennar did better than the marketplace as a whole, which saw net sales — sales minus cancellations — fall 57 percent from the first quarter and 37 percent from the second quarter as rising mortgage rates kept people from purchasing at this time.

Lennar’s 379 sales are only 10 percent below the 423 in the third quarter of 2021.

D.R. Horton’s 299 sales were also 10 percent below its 333 in the third quarter of 2021. The builder was fourth in the third quarter rankings in 2021.

KB Home recorded 254 sales, a 43 percent decline in sales from 446 during the third quarter of 2021. As a builder targeting first-time buyers, KB is more vulnerable to mortgage rate hikes.

Pulte, which was in second after the first six months, fell to fourth with 147 sales, 58 percent fewer sales than the 347 it registered in the third quarter of 2021.

Touchstone ranked No. 5 with 78 sales, 38 percent fewer than the 125 in the third quarter of 2021.

Taylor Morrison moved from 11th in the first six months of 2022 to No. 6 in the third quarter with 56 sales. That’s still 47 percent fewer than the 105 in the third quarter of 2021.

Tri Pointe was seventh with 55 sales, 59 percent fewer than the 133 sales in the third quarter of 2021.

Beazer tied for eighth with Toll Brothers with 40 sales each. Beazer’s sales fell 60 percent from 100 in 2021. Toll Brothers sales fell 69 percent from 128 in the third quarter of 2021.

Shea Homes is 10th with 35 sales. They were the only builder to show an increase, up 46 percent from 24 sales in 2021.

Home Builders Research President Andrew Smith said Shea Homes was able to beat their 2021 numbers because they have two active communities instead of one.

There was a 31 percent cancellation rate by buyers during the third quarter. It was 10 percent during the first quarter before the rapid rise in interest rates. The third year fixed rate was above 7 percent this week, double where it was to start the year.

Pulte Sun City in Mesquite, a 55-plus community, was the top selling subdivision in Southern Nevada with 52 sales during the third quarter.

It was followed by Touchstone Mosaic and Touchstone Watercolor townhome communities. Both had 39 sales.

D.R. Horton’s Willow Ranch townhomes in west Henderson had 35 sales.

Lennar was next with 30 sales at Galloway in the southwest valley and Dalton in east Henderson with 27. Both are single-family home communities.

Lennar Heritage in Cadence in Henderson, a 55-plus community, had 27 sales.

KB Home Inspirada Landings had 26 home sales. KB Home’s townhome product at Inspirada had 25 sales.

Lennar Altair townhomes had 25 sales while Shea Trilogy Sunstone, a 55-plus community in the northwest valley, had 23 sales.

Through the first three quarters of 2022, the northwest valley led the way in sales at 26 percent, followed by 23 percent in Henderson and 22 percent in the southwest valley. North Las Vegas had 18 percent.

A year ago, North Las Vegas led the way at 25 percent, followed by the northwest valley at 24 percent. Henderson had 21 percent while the northwest at 20 percent.

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