The new home segment of the Las Vegas housing market saw a boost in activity for the week ending April 24, 2016. Spring selling season is in full swing and the builders collectively reported nearly 240 net sales to our Weekly Traffic & Sales Watch report. Also, the number of active projects jumped to 243. We have not reported this many projects for years. At this same time in 2015 there were only 192. Not only have sales reports been strong, the cancellation rate has dipped into the single-digits twice in the past two months, the only two times this has happened since at least January 2015.
DR Horton continued their strong 2016, leading the pack with 36 net sales across 31 projects, followed closely by Richmond American. Overall, 11 builders reported double-digit sales, certainly an impressive number. Three different projects shared the individual lead with 7 reported net sales.
As mentioned (and anticipated), the number of active projects has been steadily rising. This week's newcomers were:
- KB Home opening another 83 lots in Inspirada under their "Reserves" product line
- Pulte's "Rockcress" - 21 estate lots in the Northwest
- Eagle Ranch by Signature - an older project that was shuddered and now has 8 remaining lots
- Regency by Toll Brothers - their long awaited active adult project in South Summerlin is up and running with three different product lines with base prices ranging from $426,995 to $559,995.
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