Demand for new Las Vegas homes increases
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Business Insights: Andrew Smith
Construction continues at the Affinity town home development in Summerlin. (Chase Stevens RJNewHomes.Vegas)
New home closings are on the upswing in Southern Nevada and should finish the year ahead of the 2016 pace.
Las Vegas-based Home Builders Research reported there were 2,371 closings during the third quarter, a gain of 5.3 percent or 119 transactions over the third quarter of 2016. Through the third quarter, there were 6,644 closings, a gain of 907 over 2016, a 15.8 percent increase.
“The consumer demand has continued to be stronger than we envisioned earlier this year, so we have amped up our 2017 projection a little for the new home closings,” said Dennis Smith, president of Home Builders Research.
Smith said there will be about 9,000 new home-recorded sales in 2017, which would result in a 13 percent increase over 2016, Smith said.
