LV Weekly New Home Market Update

New home sales remained very strong leading into the official start to summer despite the blazing temperatures.  Local homebuilders averaged one sale for every active subdivision for the 11th time in 2018.  This benchmark was only reported four times during the entirety of 2017.  It doesn't seem too long ago when a week of double-digit sales for an individual builder was not too common, this past week exactly 50% of reporting builders achieved ten or more net sales.  Another noteworthy data point this week was the overall cancellation rate of 8.1%.  This is the first time we have reported a "can rate" under 9% since April of 2016.  

Four projects shared the distinction of top sales performer this week, two in the southwest, one in Mesquite, and one in Pahrump.  Of these four, one was also among the group of five new projects in The Weekly Traffic & Sales WatchRainbow Crossing Luxury from American West Homes is located within their Coronado Ranch master plan and has base prices ranging from $341,500 to $496,500.

Beazer Homes is expanding their Pahrump offerings, building off their huge success there over the past two years.  Burson Ranch Enclave offers homes from 2553 to 3703 square feet with base prices under $300,000.  

KB Home began reporting Lianna, located in the southwestern valley and consists of 114 lots with prices in the low $300,000s.

Pardee Homes added two product lines to their collection in the new Villages at Tule Springs master planned community in North Las Vegas.  Blackstone contains 140 homesites with prices from about $400,000-$500,000.  Larimar has 170 lots and and slightly lower base prices starting in the high $300,000s.

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