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Southern Nevada homebuilders reported a solid number of new home closings, while the number of permits pulled left something to be desired.

According to Clark County records, Lennar and KB Home each closed over 100 new homes in May 2019.  Overall we are reporting 33 separate homebuilders recording at least one closing.  Subscribers to our Closings and Permits report have already received all of this monthly data in their inboxes.  The report contains a spreadsheet listing every subdivision that has recorded a new home closing over the past 12 months and includes ancillary data like average closing price, zoning, lot size data, master plan, and ZIP code.

The project recording the most closings in May was KB Home's Groves townhome product in the Inspirada master planned community in Henderson.  Of the top 10 performing communities, surprisingly only one is located within the southwest sub-market while three are in North Las Vegas.  The chart below breaks down May new home closings by sub-market area.

North Las Vegas and the Northwest are gaining market share.


Looking at new home permits, May registered the lowest total so far in 2019.  Going back to 2018, May registered the highest total of that year and in 2017 and 2016 it was also a high producing month.  Given the relatively strong net sales figures we have reported in the Weekly Traffic and Sales Watch over the past 2+ months, hopefully permit totals will tick upward and remain consistent for the rest of the year.  LGI Homes had the only project pulling more than 20 permits this month at their Steptoe community in the east sub-market area.

For the full story each month, subscribe to the New Home Closings and Permits report today.