New home sales remained consistent for the week ending March 17, 2019. After 11 weeks of 2019 the average number of net sales stands at 188.

While on a “per subdivision” average this number is respectable, overall it is down 24 percent from the same time frame of 2018. As we have stated in our Las Vegas Housing Market Letter, we feel this is more a sign of how strong the market was then as opposed to a sign of weakness now. cancellations are also maintaining acceptable levels around 15 percent each week.

Lennar Homes again reported the highest number of sales and combined with KB Home the two accounted for over one-quarter of the overall weekly total. Other builders reporting strong sales when looking at the average per project were American West Homes, Del Webb Communitites, Pulte Homes, Shea Homes, Storybook Homes, Summit Homes, and Touchstone Living.

Two communities shared the title of best performing project with five net sales each. KB Home’s Terraces line in the Inspirada master plan in Henderson and the “Heights” line in the Reverence community at Summerlin by Pulte Homes. Over the past three months these two projects are averaging over 16 net sales per month combined. On the week, master planned communities accounted for 54 percent of all net sales. The distribution of these is shown below:

Newly reporting communities this week were Sierra Cliffs by Richmond American Homes and Bermuda Ridge by Summit Homes.

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