Subscribers to our Las Vegas Housing Market Letter recently received Volume 345 which featured our mid-year new home closing and permit assessments. In both of these areas we were happy to adjust our initial 2016 projections higher than initially anticipated. Closings are currently up over 8% year-to-year with Permits up 14%. Also trending upwards are, of course, prices. Our clients and those others following the market will know that the number of new homes offered with prices starting at $400,000 and up has greatly increased over the past two years. In fact, just in 2016, of the new home projects openings (just over 60), no less than 21 have an average base price of $400,000 or more.
Average Base Price of New Projects Opened in 2016
Further along in the newsletter, HBR President Dennis Smith touches on some of the most actively selling subdivisions for the 2nd quarter as well as showing a year-to-year comparison of sales and traffic activity by sub-market area. To close, Dennis takes a look at June figures for the resale segment as well as commenting on some interesting statistics regarding Millennials, women, and home loans.
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