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Southern Nevada homebuilders reported another solid sales week.

For the week ending July 21, 2019 we are reporting new home sales levels consistent with what we have seen for much of the year.  Q3 is off to a solid start with builders once again averaging 0.8 net sales per community according to The Weekly Traffic & Sales Watch.  As noted last week, this value has been at this level for 9 of the past 13 weeks.  However, with one week remaining in July, the overall sales total for the month is on pace to be the lowest of the year and 1.2% below July 2018.  Thus far, May has been the only month where sales totals surpassed 2018 levels.  Going back to 1999, July is typically the last month of the traditional selling season here in Southern Nevada every year with August totals typically falling 6.4% and continuing to decline until the end of the year (based on 20 years of sales averages, February through July can be considered the strong selling season for new homes in our market).  If builders can avoid dropping below what we consider an "average" week (0.7 net sales per subdivision) for another month or so, Q3 numbers should end up positive compared to 2018.

The top homebuilders this week in terms of average sales per community were Signature Homes, Pulte Homes, and Harmony Homes.  Lennar had the top two performing projects this week with Heritage, their 55+ neighborhood in the Cadence master planned community in Henderson, and Morning Ridge, a townhome community in North Las Vegas.

Storybook Homes reported the only new community this week with their first entry in the Cadence MPC known as Melody.  Homes in the 62 lot tract range from 1,523 to 2,228 square feet with base prices starting at $294,990.  The average base price puts Melody roughly 8% below the average for Cadence as a whole.

In our bi-weekly base price survey, only 0.05% of the over 1,000 active new home plans surveyed reported a price increase.  The graph below shows the current average base asking price by sub-market area. 

Current New Home Base Asking Prices


Also don't forget, if you failed to attend our mid-year update webinar yesterday, you can still download the slides and view the recording by clicking here.  This is must have information for anyone interested in the new home segment of the Las Vegas housing market.