New Home Sales Drop as Prices Rise

Real estate agent showing interior of house to senior couple

There have been fewer new homes sold in Las Vegas but prices continue to go up. There have been a total of 435 units sold last month which resulted in a total of 1,287 houses sold or 22 percent step back year-on-year.

Also, there were 549 pulled construction permits in march which brought this year’s total to 1,385. This rate is down 23 percent from the first quarter of 2013.

However, homebuilders are still seeing and enjoying a rise in median sales prices of up to $285,475 which is up 26 percent from a year ago in spite of softer activity in the market.

Home Builders Research President Dennis Smith said in a report that the numbers “could have been worse” and that “there was nothing to rave about”.

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