As the months go by, expect to see the builders slashing their prices and offering huge incentives towards buyers. Not only are they offering lower interest rates and locking them in for up to year, but we will see them cutting prices on lot premiums, cutting prices on the base price, offering closing cost incentives or buying down the rate, as well as credit towards the design studio.
In this article I will be going over what June 2022 new construction sales was and what types of incentives builders are offering.
Builders logged 713 net sales — new purchase contracts minus cancellations — in Southern Nevada for the month of June, which is down 23.7% from the same month last year, according to Las Vegas-based Home Builders Research.
June’s sales tally was the lowest of the year and marked the third consecutive month of sliding sales in new construction in the Las Vegas Valley. Over the past two months, some builders have even started to slash their base asking prices for the first time in a very long time.
Nationally, the pace of new-home sales in June dropped 8.1% from May and 17.4% from June 2021, federal data shows.
Overall, builders logged just over 12,900 net sales in Southern Nevada last year, the most since 2006, Home Builders Research previously reported.
For new construction in Southern Nevada, the median closing price for single-family homes in June was a record-high $513,295, up 17.7% from a year earlier, according to Home Builders Research.
Builders are also seeing more and more buyers cancelling deals amid growing real estate market pessimism. To counter this slowdown, homebuilders are offering more incentives and cutting back on the number of homes they are building.
The national cancellation rate among homebuilders reached 14.5% in June, according to the results of a survey conducted by John Burns Real Estate Consulting. That marked the highest rate since April 2020, when the COVID pandemic initially brought the housing market to a near-standstill.
Some of the Las Vegas new home developments around the Valley are offering incredible builder incentives in both upgrades and financing options. Many projects do have standing inventory and/or homes that will be move in ready within 30 to 90 days.
Somerston Community in the NW
– Special interest rates on certain D.R. Horton Homes. For a limited time DHI Mortgage is offering special interest rates on certain D.R. Horton homes.
As experienced new home agents, we may even be able to negotiate a reduction in the sales price for you with some of our preferred builders. Our team is committed to finding our clients every discount possible on their new Las Vegas home purchases.
Las Vegas Market Update – July 2022
Also, if you are thinking about buying or selling in the Las Vegas Valley, CLICK HERE or you can call me at 702-370-5112.
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