Las Vegas’ new housing boom

New homes under construction in Henderson seen on Wednesday, May 23, 2012.

Home Construction

New homes under construction in Henderson seen on Wednesday, May 23, 2012. Launch slideshow »

New home sales and permits soared last month in Las Vegas while closing prices slipped.

The Las Vegas Valley had 591 new home sales in September, according to a report this week from Home Builders Research. That’s up 46 percent from 405 sales in September 2011.

But the median sales price for new homes last month was $199,743, down 3 percent from $206,480 a year earlier.

Last month, 440 new home permits were pulled in the valley, up 75 percent from September 2011. But Home Builders Research President Dennis Smith cautioned there could be fewer new permits next year, saying there are not enough finished or partially-finished lots for new projects.

The used-homes market also had a mixed month. There were 3,544 recorded re-sales in September, down 17 percent from a year earlier, but the median sales price of $129,500 last month was up 20 percent from a year ago.

Nationally, home builders started construction last month at the fastest rate since July 2008 and pulled permits to build more new homes in the coming months, the Associated Press reported.

Builder confidence inched higher for the sixth consecutive month in October, putting it at a six-year high, the National Association of Home Builders/Wells Fargo Housing Market Index found.

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  1. It should be noted that the decline in resales from last year is due to the significant reduction in inventory available for sale due to AB 284 that went into effect 10/01/11.

    Which pretty much explains the rest of the story.....