New home net sales were up over 50% week-to-week but remained at unseasonably low levels.

Our Weekly Traffic & Sales Watch reported weekly increases in both traffic and net sales, possibly related to the slight drop in interest rates as well as reduced base asking prices (some communities to the tune of $30,000 or more since the start of August) and the return of incentives and buyer's agent commissions.  This past week's total was the highest since mid-June but is still at a level historically more common at the end of Q4.  The cancellation rate remained above 25% for the eighth straight week after spending Q1 in the 8% to 15% range.  Available standing inventory homes were also reported to be above 300 for the second straight week, something not seen since Q4 of 2020.   

We reported one new community this week, Paradiso by Taylor Morrison.  It is located in the Mountain Falls master plan in Pahrump and features 98 lots and base prices under $400,000. 

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