For the week ending May 28th the new home segment of the Las Vegas valley housing market dropped slightly from a very strong previous 4-5 weeks but still maintained what we would consider a "better than average" performance in terms of net sales per project. We also reported the highest cancellation rate since mid-March in our Weekly Traffic & Sales Watch.
Lennar Homes led all builders with 31 net sales across 24 projects while 10 different builders reported double-digit net sales, a very healthy distribution historically. Of those ten, American West and Beazer Homes were the only two that have less than 10 reporting projects.
Market Share % - Number Reporting Projects
Market Share % - Total Net Sales
We added six newly reporting communities to the report this week. DR Horton began reporting numbers for Azure Springs, a 20-lot neighborhood in the NW, and Solandra in the SW which has 18 homesites and sits adjacent to their larger Spanish Ranch Creek offering. KB Home added another group of 69 lots to their "Reserves" line of products (typically 45' wide lots), in Inspirada parcel 4-3. Lennar Homes added Davyn Ridge and The Hudson in North Las Vegas and Oluna in Summerlin South. Davyn Ridge is a reboot of 157 lots from an old Ryland Homes project on Gowan and Valley Dr. The Hudson is just down the street on Craig and Simmons and represents Lennar's return to building attached product and will consist of 250 units. Oluna is located in the "Cliffs" village off of Hualapai and Patrick with prices starting in the high $500,000s.
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