Las Vegas residents bought the most newly built homes in August than they have since the recovery of the housing market in the late 2000s. The elevated mortgage rates we see have not put a damper on sales.
Home Builders Research, a Las Vegas-based organization, reported there were 1,037 new-home net sales—far surpassing the 488 in the same month last year, when the market was getting hit hard as interest rates rose. The 1,037 total is the third time the new home sector has exceeded 1,000 sales a month this year.
The total surpassed previous Augusts over the past decade: 872 in 2021; 937 in 2020; 983 in 2019; 845 in 2018; 912 in 2017; 596 in 2016; 533 in 2015; and 519 in 2014. August is the latest month for which home sales numbers are available.
New homebuilders continue to adapt and sell homes at historically acceptable rates. This August is the eighth month of 2023, and new home sales are slightly above average.
There were 12 new product lines that opened in August, bringing more than 1,400 lots onto the market. The average base asking price for the new communities is $474,001, with an average size of 2,014 square feet for an average of $235 per square foot. Almost all these new neighborhoods are in master-planned communities.
In the attached home category, 44 percent of those new lots are in communities. Market share for attached new home products reached a new high at 30 percent in August.
The new home market share for closings in August reached a new high for the year at 28 percent.
The percentage of new homes that were closed with cash was 19 in August, according to Clark County data.
The following are two important suggestions for you when purchasing a newly built home:
1. Builders are consistent in buying down the interest rates and contributing towards the Buyer’s closing costs, which make new homes more competitive with resale homes and, in most cases, a better value
2. When considering a new home, having a Realtor who understands new home sales is pertinent. We here at the Smith King Team have been selling New Homes since 1990!
If you are looking to purchase a newly built home, speak to Robin Smith of the Smith King Team- 702-460-5080 or robin@smithteamlasvegas.com
Keep in mind that whether you are interested in buying a home or selling a home, a Realtor should represent you– this person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years.
We are here to answer any questions you might have – just email robin@smithteamlasvegas.com
Thanks and make it a terrific day.
