Las Vegas builders show drop in new-home sales in March

Las Vegas builders posted a sharp drop in house sales last month, though buyers picked up a rising tally of less-expensive condos and townhomes, a new report shows.

Builders closed 871 new-home sales in March in Southern Nevada, down 17.7 percent from the same month last year, according to Las Vegas-based Home Builders Research.

The median purchase price was $383,583, up 8 percent year-over-year.

The drop-off in deals was driven by fewer sales of single-family homes, the bulk of Las Vegas’ homebuilding market.

Buyers picked up 746 newly built houses last month, down 21.3 percent from March 2018. The median sales price was $398,054, up 10.8 percent year-over-year, Home Builders Research reported.

At the same time, builders closed 125 sales of attached homes last month, up 13.6 percent from March 2018. The median purchase price was $270,990, up 8.25 percent.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.