New home net sales in Southern Nevada declined after posting the highest total since mid-March the previous week.

Since bottoming out at 38 new home net sales (new contracts minus cancellations) to begin Q2, have been fairly steady for the four weeks.  While not all-time lows in general, the numbers we have been reporting during the current crisis have made 2020 the worst performing "spring selling season" we have on record.  Overall cancellations have also been climbing slowly, the the "Cancellation Percentage" statistic (cancellations/gross sales) has plateaued.  For all of the specifics, subscribe to our Weekly Traffic & Sales Watch.  It really is the most affordable and timely way to keep up with the new home segment.

For the week ending May 10th we are reporting 89 new home net sales led by Lennar and DR Horton who had over 50% of the overall total.  Another of the large public builders, KB Home, which led all builders in Q1 with over 500 net sales has struggled mightily over the passed couple of weeks and looks to be on pace for negative net sales total for the month of May.  This seems almost unthinkable...   Storybook Homes and Harmony Homes, two smaller firms that focus on the more affordable price segments were the only builders to report an average of at least one net sale per community and are both on track to increase sales significantly from April.

The following graphs show the overall net sales totals as well as the weekly cancellation percentage since the beginning of March.  We can see the graphs both bouncing up and down a bit from week to week but show a generally positive trend.

We also want to remind everyone that the slide deck and recording of our Housing Outlook Webinar presented by SW Gas is available now for download.