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Homebuyers Move Toward Attached Homes, North Las Vegas

Southern Nevada homebuyers’ shift toward less-expensive offerings in the construction market continued last month with more interest in North Las Vegas and attached homes, a new report shows.

Developers closed 875 new-home sales in Southern Nevada in April, up 1.3 percent from April 2018, according to Las Vegas-based Home Builders Research.

Buyers paid a median of $389,819 for last month’s closings, up 4.7 percent year-over-year.

Builders closed 3,168 sales this year through April, down 3.1 percent from the same four-month stretch last year, Home Builders Research reported.

“With the spring selling season in full swing, Southern Nevada homebuilders have shown consistent, though maybe not very exciting, sales numbers,” Home Builders Research President Andrew Smith wrote in the report.

Single-family houses dominate Las Vegas’ home construction market, but sales are slipping as buyers gravitate toward lower-priced condos and townhomes.

Developers closed 750 sales of single-family houses last month — down 4.3 percent from April of last year — for a median price of $401,491, Home Builders Research reported.

Meanwhile, builders closed 125 sales of attached homes last month — up 56 percent — for a median price of $280,000.

Buyers last month also showed increased interest in North Las Vegas, where builders’ sales prices are typically less expensive than in other parts of the valley.

North Las Vegas accounted for 19 percent of builders’ newly signed sales contracts in Southern Nevada last month, up from 13 percent in April 2018, according to Home Builders Research.

But overall, builders are selling fewer homes in Southern Nevada this year, and the region’s resale market is also seeing a drop in deals.

Buyers picked up around 9,280 previously owned single-family homes this year through April, down almost 11 percent from the same four-month period in 2018, according to Greater Las Vegas Association of Realtors data.

but they haven’t reached their pre-recession peak yet.

Las Vegas’ median house price topped out at $315,000 in June 2006, during the real estate bubble, according to the GLVAR. Adjusted for inflation, however, that peak price was $396,735 in today’s dollars, nearly $97,000 above the current median.

 

 

 

Content provided by Eli SegallLas Vegas Review-Journal
Photo Credit: Chitose Suzuki / Las Vegas Review-Journal @chitosephoto