Las Vegas Home Builders Experience Best First Quarter Since 2021

by Bret Jenny

The Las Vegas new-home market has reported a remarkable first quarter, with Lennar leading the way as the top homebuilder. Despite elevated mortgage rates, the market saw over 1,300 new-home net sales in March, surpassing 1,300 for the first time since March 2021. This impressive performance is a testament to the resilience and strength of the Las Vegas housing market.

Key Highlights:

29% year-over-year increase in net sales, a significant jump from the previous quarter
22% jump in sales and 16% decline in cancellations, indicating a strong demand for new homes
Lennar tops the list with 202 net sales in March and 586 for the first quarter, solidifying its position as a leading homebuilder in Las Vegas
Pulte Group and D.R. Horton follow with 502 and 485 net sales, respectively, demonstrating their commitment to delivering quality homes to the Las Vegas community
KB Home, Richmond American, Century Communities, Toll Brothers, Tri Pointe Homes, Taylor Morrison, and Beazer Homes also make the top 10 list, showcasing the diversity and competitiveness of the Las Vegas homebuilding market
80% more new communities opened in the first quarter of 2024 compared to 2023, indicating a surge in new home construction and development
Building permits fell 9% year-over-year in March, but the 2024 total is 31% higher than the first quarter of 2023, suggesting a strong pipeline of new projects
New-home closings fell 0.3% in March, but the first quarter total is 18% higher than the first quarter of 2023, demonstrating a steady demand for new homes
Median new home closing price for all product types was $483,470 in March, a 4% increase from March 2023, indicating a stable and growing market

Las Vegas Home Builders: A Beacon of Hope in a Competitive Market

The success of Las Vegas home builders in the first quarter of 2024 is a testament to their ability to adapt and thrive in a competitive market. Despite challenges such as elevated mortgage rates and changing consumer preferences, these home builders have demonstrated their commitment to delivering quality homes and communities to the Las Vegas area.