Local homebuilders started June with a somewhat lack-luster week of traffic and sales...

The week ending June 9th saw average new home sales velocities in Southern Nevada dip into the "average" category for the first time since early April and just the 7th time this year.  Average buyer traffic in new home sales offices also came in at the lowest level since the first week of January.  Perhaps this is a factor of people getting hit with the first real heat wave of the summer... The next few weeks will give us a better idea.  

Ninety percent of reporting builders tallied at least one net sale and cancellations we in the "normal" range.  On average, the top performing builders were Signature Homes (at their Solana Terrace community near Nellis AFB) and Harmony Homes.  Notice both of these builders currently offer more "affordable" or "attainable" products and are only active on the east side and in North Las Vegas.  KB Home had the top selling single project in their Groves townhomes in Inspirada.  This specific tract has averaged nearly 13 sales per months over the past three months and is nearly half way to that number after just one week in June.

We did not report any new subdivisions this week and through the end of May new community openings are down 24% from 2018.  We are not surprised that there are fewer communities opening but that large of a drop off is a bit of a shock.  We expect this gap to close as the year continues.

In our bi-weekly base price survey, 21 percent of reporting communities raised prices on at least one plan.  This was led by Lennar who increased base prices in 27 of 35 reporting projects.

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