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The new home segment of the Southern Nevada housing market continues to struggle through the COVID-19 situation.  As expected, sales dropped for the fourth straight week for week-ending April 5th.

Local homebuilders managed to report just 38 new home net sales (new contracts minus cancellations) last week.  Beginning with week ending March 15th, we have reported week-to-week net sales declines of over 20 percent, topping out this past week with a 59 percent drop from the previous week.  Looking historically, this was the 6th largest week-to-week decline since 1999. The top five on the list all occurred between 2008 and 2011 during the "great recession".

Weekly Net Sales Change 2020


All of this is coming after extremely positive sales activity in January and February.  To find out the full story, subscribe to the Las Vegas Housing Market Letter.  For an in-depth break down of Q1 buyer traffic and sales, check out our Quarterly New Home Traffic & Sales Summary

We are finding many local professionals reaching out to us to get the most up-to-date new home data available.  Staying informed becomes even more critical during these trying times.  Join them by subscribing to our Weekly Traffic & Sales Watch today.

Now go wash your hands...