New home sales continue to decline over the past few weeks.

Our Weekly Traffic & Sales Watch reported another week-to-week decrease in new home net sales (new sales minus cancellations) during the second week of June.  During the first quarter of 2022, the market averaged 267 net sales per week.  Thus far in the second quarter, that average has fallen to 201 (-25%).  This past week's total was a new low for 2022, in fact it was the lowest since the final week of 2021.  Additionally the cancellation percentage also peaked last week to the highest since May 2020.

We reported two new communities this week, The Arches from Lennar and Arroyo's Edge from Tri Pointe Homes.  Both are located in the Summerlin master planned community.  The Arches offers larger, single-story homes starting around $1.5 million.  Arroyo's Edge features three 2-story plans starting just under $600,000.

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