Las Vegas homebuilders selling fewer homes, seeing price growth slow
Las Vegas homebuilders are selling fewer homes and notching slower price growth this year, similar to the resale market, a recent report shows.
Builders closed 854 new-home sales in Southern Nevada last month, down 9.9 percent from June 2018, and the median sales price of last month’s closings was $391,350, up 3.2 percent, according to Las Vegas-based Home Builders Research.
By comparison, in June 2018 builders notched an 11.7 percent year-over-year jump in closings, and the median sales price was up nearly 12 percent, Home Builders Research previously reported.
The numbers underscore Las Vegas’ housing slowdown: Amid higher prices, buyers are picking up fewer homes, prices aren’t growing nearly as fast as they did last year, and the once-depleted tally of listings without offers has shot back up.
In the construction market, homebuyers are pulling back from developers’ best-selling product in Las Vegas – the single-family house — and gravitating toward less-expensive condos and townhomes.
Builders closed 4,245 sales of single-family homes this year through June, down 7.4 percent from the same six-month stretch in 2018, and 684 sales of attached homes, up 17.1 percent, Home Builders Research reported.
In the resale market, around 2,900 single-family houses traded hands last month, down 11 percent from June 2018, according to the Greater Las Vegas Association of Realtors.
The median sales price was $304,000, breaking a three-month flat streak in which the median price was stuck at $300,000, the association reported.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
