The project is led by Sunstone, which effectively ranks among the top 20 master plans in the country. Northwest Las Vegas has displaced fast-growing Henderson as the top location for new home sales in the valley during the first six months of 2024.
Las Vegas-based Home Builders Research reported that there were 1,770 net sales (sales minus cancellations) of new homes in the Northwest, an area that includes parts of Summerlin to Charleston Boulevard, up 5 percent from 1,684 in the first six months of 2023.
Net sales in the Northwest exceeded the 1,750 in Henderson, which saw a 33 percent increase from 1,311 in the first six months of 2023. Contributing to this was eastern Henderson with 705 net sales, up 52 percent from 465 in 2023, according to Home Builders Research Cadence.
Sunstone, whose median sales price for a new home is $510,173, led the Northwest Valley with 347 net sales, up 141 percent from the 144 sales in the first six months of 2023. Sunstone is a master plan by Lennar, Shea Homes and Woodside Homes that offers townhomes, single-family homes and an age-friendly neighborhood.
Sunstone’s strong performance would have earned it 19th place in the national masterplan rankings, according to the RCLCO’s half-year figures. As Sunstone is a new development, it has not yet been rated by the RCLCO, but could be included in the annual list to be published in January.
Cadence ranked fourth nationally with an average new home price of $451,625, while Summerlin ranked fifth in the RCLCO rankings with an average new home price of $716,794.
RCLCO had Inspirada in West Henderson with 261 sales, one more than 260 in 2023. That ranked 38th in the U.S. However, in its new list, Home Builders Research listed Inspirada with 369 sales, a 36 percent increase that would have put the company 18th in the U.S.
North Las Vegas rebounded in the Valley rankings with 931 net sales, up 55 percent from 600 in 2023. North Las Vegas topped the Valley with 2,952 net sales in 2020, but has fallen due to community occupancy.
According to a report from Home Builders Research, Villages at Tule Springs in North Las Vegas recorded 273 net sales in the first six months, about 190 percent more than the 94 in the first six months of 2023, ranking it fifth in the Valley.
Other top communities according to Home Builders Research included Skye Hills in the northwest valley at No. 6 with 270 sales, a decrease of 12 percent. It was followed by Skye Canyon with 235 sales, a 12 percent increase. Lake Las Vegas was eighth with 182 sales, a 15 percent increase.
In North Las Vegas, Valley Vista recorded 137 sales, up 23.4 percent from the 111 in 2023, ranking ninth in the valley. Rounding out the top 10 was Sedona Ranch in North Las Vegas with 94 sales, after seeing none in the first six months of 2023.
Home Builders Research has released a more detailed list of the top home builders in Las Vegas, beyond the top 10 announced in July.
■ Lennar led Las Vegas homebuilders in net sales in the first half of 2024 with 1,198 net sales, about 19 percent more than the 1,009 in the first half of 2024.
■ Lennar was followed by Dr. Horton with 931 net sales recorded, 6 percent more than the 879 in 2023.
■ The Pulte Group followed with 900 net sales, 15 percent more than the 785 in the first half of 2023.
■ KB homepage came in fourth and was the only builder to report a 15 percent decline, achieving 728 net sales compared to 856 the previous year.
■ Richmond Americans ranked fifth with 578 net sales, up 37 percent from 422 in 2023.
■ Century communities ranked sixth with 410 net sales, 122 percent more than the 185 in the first six months of 2023.
■ Toll Brothers ranked seventh with 360 net sales, 80 percent more than the 200 in 2023.
■ Beazer Houses was in 8th place with 277 net sales, 9 percent more than the 255 in 2023.
■ Tri Pointe Homes was in ninth place with 273 net sales, 43 percent more than the 191 in 2023.
■ Taylor Morrison ranked tenth with 258 net sales, about 32 percent more than the 195 in 2023.
■ The extended list begins with Touchstone Living in 11th place with 252 net sales, an increase of 3.2 percent over 2023.
■ Woodside Homes had 225 net sales, an increase of 108 percent.
■ harmony A net total of 135 homes were sold, an increase of 45 percent.
■ Shea 95 homes were sold net, an increase of 121 percent.
■ Climax There were 15 net home sales, a decrease of 55 percent.
■ summit There were 10 net home sales, an increase of 67 percent.
■ Example Life Builders reported four net sales, a decrease of 69 percent.
■ Signature There were three net home sales, a decrease of 87 percent.
Home Builders Research also announced its forecast that Southern Nevada builders will end 2024 with 13,336 building permits, the second-highest number since before the housing market downturn during the Great Recession. That’s a 13 percent increase from 2023, when there were 11,808 building permits. The most recent high was 15,043 in 2021, after the pandemic.
The 6,652 net sales in the first six months of 2024 are 19 percent higher than the 5,859 in 2023. They are still below the 7,348 in the first six months of 2021. That’s much better than the rest of the country, where home sales fell 1.1 percent in the first half of 2024.
Andrew, president of Home Builders Research, said Las Vegas is probably doing better because more people are moving to the valley compared to the rest of the country.
“Our demand remains so strong that people want to move here,” Smith said. “That’s the most logical explanation. Demand is so strong and retail inventory is so low, and that’s why new homes continue to sell well. Also, the ability (for builders) to lower mortgage rates and get people into the middle to high fifths makes a big difference.”
If the Federal Reserve cuts interest rates in the fall as expected, that will lead to lower mortgage rates, Smith said.
“Activity in all areas, whether it’s sales, permits or land purchases, has been dependent on the movement of prices,” Smith said. “If they come down and our demand doesn’t seem to be letting up, that will be great for the market on the sales side. There will be improvements on the resale side as well.”
