For the week ending July 22nd, the new home segment of the Las Vegas area housing market had its worst performing week of 2018 when looking at both overall and average net sales. The overall total of 154 and the average net sales per subdivision figure of 0.6 were by far the lowest we have reported since the last week of 2017 in The Weekly Traffic & Sales Watch. After posting strong numbers for the entire calendar year, it will be interesting to see if this past week is an anomaly, or if it is the start of a new trend.
DR Horton led all builders with over 30 net sales, over 20% of the overall total. Their "Windwood" project just inside the beltway in the southwest was the top performing subdivision along with the Terraces at Hidden Hills collection by Touchstone Living in the northwest. Each reported six net sales. Half of the top 10 selling projects for the week were located in the southwest sub-market area.
DR Horton also reported one of the two new projects in the report with Serenity Bay, another of their "Express Homes" products located just north of the Southern Highlands MPC with 31 detached lots. The other new project is the reboot of Mira Villa in Summerlin by Toll Brothers. Located near the JW Marriott just south of Summerlin Pkwy., this luxury condo community has 103 lots with an average base asking price of $683,000.
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