New home net sales were still moving at an above average, albeit slower, pace in the first week of April.

Our Weekly Traffic & Sales Watch reported the lowest new home net sales (new sales minus cancellations) total of 2022 to start Q2.  If this pace continues throughout April, sales will likely be down over 20 percent from April 2021.  Another trend we have noticed is a slight uptick in the cancellation percentage since mid-February.  After being under 10 percent for most of 2021, the market is averaging 12.5 percent over the past nine weeks.

We reported four new communities opening last week, all of which offer detached products.  Gold Butte from Pinnacle Homes is a small 4-lot cul-de-sac in the northwest with homes from 3,638 to 4,211 square feet with base prices starting at $941,000.  Richmond American Homes opening La Pasada in North Las Vegas and Veneto in the northwest.  La Pasada has 50 home sites with prices in the high-$400,000s and Veneto offers 20 relatively larger lots and three "Ultra Garage" plans which feature attached RV-sized garages.  Finally, Summit Homes opened Mountain Ridge, one of a hand full of new projects coming on line soon.  This one is located on South Ft. Apache Rd near Mountains Edge Pkwy with 2-story floor plans priced in the $400,000s.

Please do not forget to sign up for our Housing Outlook Webinar presented by SW Gas this Thursday April 14 at 10am.  We will give a rundown of Q1 activity and your paid registration includes our full slide deck with 30+ pages of charts and graphs.  CLICK HERE TO SIGN UP