For the week ending August 20th the new home segment of the Las Vegas housing market was again slightly below the consistent average sales figures we have reported for the vast majority of 2017. The overall net sales figure for the week was the lowest reported since early January. Buyer traffic has also dropped slightly over the past four weeks after spiking in early July. Overall though, these changes are not drastic and are consistent with seasonal trends. We shall see if builders are able to stretch out the summer selling season before the drop off that naturally occurs in the fourth quarter.
KB Home, Lennar, and DR Horton unsurprisingly led the way in overall net sales (they combine to account for over 35% of the active subdivisions in the valley). Looking at average sales per subdivision, Beazer Homes, Del Webb, Pulte Homes, and Storybook Homes also reported strong weekly numbers.
The only new project in the Weekly Traffic & Sales Watch this week was Encore at Cadence by Richmond American Homes. With their initial communities in the Henderson master plan nearing sell-out, the Denver-based builder has continued to acquire land and Encore is the latest project to open. Encore offers four of the five plans from the Crescendo neighborhood also in Cadence that has averaged just under three sales per month since opening in June of 2015.
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