Las Vegas New Home Sales/New Homebuilding Both on the Rise in 2016

Posted by Robert Little on Wednesday, August 3, 2016 at 5:29 AM By Robert Little / August 3, 2016 Comment

As a market that was quite possibly hit the hardest during the recession, it’s nice to hear that Las Vegas homebuilders are having an even better year than 2015. According to recently released numbers from Home Builders Research, more new homes are selling, more permits are being pulled, and higher price tags are being assigned to new construction homes in Las Vegas compared to this same time last year.

Through the month of June, 3,422 new homes have been purchased this year in Clark County, which is up a substantial 12.7% from the first 6 months of 2015. Furthermore, the median sales price of a new home has also jumped 8.1% to $327,622 from this time last year, which is just under the Las Vegas record for a new home of $338,560 that was seen back in August of 2007./p>

Consumer confidence, record-low mortgage rates, and continued job growth have all been contributing factors to what’s been a wild successful year so far in new home building in Las Vegas, and as we head into the traditionally busy fall season, there seem to be no signs of a slowdown anytime soon.

So far in 2016, homebuilders in Las Vegas has pulled 4,710 new home permits, which is a spike of about 14% compared to 2015.