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Las Vegas homebuilders’ sales, construction plans keep sliding

Las Vegas Review-Journal·Eli Segall·28 days ago
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Las Vegas’ homebuilding market is still seeing drops in activity from year-ago levels, with fewer sales and construction plans, amid a series of headwinds for buyers and builders alike. Builders landed 694 net sales — newly signed sales contracts minus cancellations — in Southern Nevada in March, down 14 percent from the same month last year, according to a recent report from Las Vegas-based Home Builders Research. This marked the lowest March sales total since 2015, the firm noted. Builders also pulled 931 new-home permits in March, down 6.7 percent from a year earlier, signaling a pullback in overall construction plans . Altogether, builders closed 758 home sales in March, down 20 percent from the same month last year, and fetched a median closing price of $502,990, down 5.1 percent. After a buyer signs a sales contract with a builder, it can take several months before construction of the house is finished and the sale closes.…

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