Las Vegas new home sales continue to rise
New home sales continued to improve in the Las Vegas area in June, a local housing analyst reported Thursday.
Dennis Smith, president of Home Builders Research Inc., said sales locally of 438 were up from 363 in June 2011.
Through June, new-home recorded sales in the Las Vegas area this year totaled 2,055, he reported.
That’s up 381, or 23 percent, as the industry rebounds from 2011, the worst year for the industry in recent memory.
The median price in June was $194,490, down 3 percent from one year ago.
Pricing improved slightly from May, when the median was $193,504 and sales totaled 401 homes.
New-home sales have been increasing and prices for existing homes have improved thanks in part to a tighter supply linked to a slowdown in Las Vegas-area foreclosures.
Although it’s unknown if banks will seize more homes and add to the local inventory, building permit activity suggests homebuilders are optimistic about stronger sales in Las Vegas.
Smith reported 2,894 new home permits had been issued this year through June, an increase from the same 2011 period of 43 percent, or 870 permits.