Average new home sales per subdivision in Southern Nevada have been consistent for over three months.

Our Weekly Traffic & Sales Watch reported a week-to-week decrease in overall new home net sales for the first time in five weeks.  The cancellation rate feel from 34% to 22% week-to-week as well.  A point of interest over the course of the pandemic was the strength of sales in the higher price ranges ($750,000+ base asking price).  In 2021 these communities took a 5.6% market share and that increased in 2022 to 7.6% through August (See this weeks graph).  This past week however, those communities accounted for just 2.3% of overall net sales (10.6% of reporting communities fall into this category).  We will be keenly watching this as we move into the fourth quarter.    

We reported one new community this week, Blackridge Customs from Paragon Life Builders.  This small, 3-lot collection is an infill project in Henderson and currently has one home available for just under $1 million.

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