The past two weeks in the Las Vegas new home segment have been basically identical, as reported in our Weekly Traffic & Sales Watch. Buyer Traffic came in at 19 "buying units" per subdivision per week and there were 0.7 net sales per subdivision per week. As we've previously reported, these numbers are down from the surge in activity early in the year, and have leveled off and remained consistent for the past two months or more.
DR Horton, KB Home, and Lennar Homes led all builders for the week ending July 26th with just over 20 net sales each, accounting for over 40% of total sales in the valley. Also reporting strong sales on a "per subdivision" level were American West, Century Communities, and Shea Homes.
American West's Reserve community was the top performing project this week along with Lennar's Tapestry in the northwest with six net sales each. Tapestry has been a consistently strong performer for Lennar in the entry level market, averaging over 10 net sales per month since they re-opened the former Astoria Homes project two years ago.
We reported a "typical" amount of base price adjustments, mainly upwards, particularly by William Lyon Homes. It has been interesting for us to watch prices over the past weeks as many builders are of course bumping prices up (as has been well written about), but also to see how some are fine-tuning their numbers downward in some cases as they adapt to "true market" or realistic values after rather gung-ho initial offering levels.
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