LV Weekly New Home Traffic & Sales Update

For the week ending October 11, 2015, the summer temperatures kept hanging around but new home sales activity hit its lowest level of the year.  With just over 90 net sales spread amongst 222 reporting new home projects, builders weren't able to turn lookers into buyers despite consumer traffic data maintaining a similar volume as has been seen over the past couple of months.

Only two builders were able to report double-digit sales, led by Lennar Homes with 19, over 20% of the overall total.  Their consistently performing Tapestry community in the northwest sub-market shared the individual crown as the week's top selling project with American West's Jones Crossing.

The only new community being reported this week was DR Horton's Spanish Ranch Creek in the southwest valley near Buffalo and Wigwam.  The project has 101 lots and reported two sales in its first week.  There are four fairly similar floor plans ranging from 1845 to 2260 square feet, all under $270,000.    

When looking at prices we noted quite a bit of change across the board.  Some significant drops in a major master plan, but also some substantial upward movement.  Ryland Homes in particular showed some sort of rise in base prices in over half of its reporting communities.

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