Summerlin saw the sale of 675 homes so far this year through June. That makes it number four on the list of communities have seen the most sales of new homes in the entire US.
From the report published by real estate consulting firm RCLCO, the remaining three communities on the top 50 list are:
- Inspirada with 344 new homes sold (#12)
- Cadence with 321 new homes sold (#14)
- Skye Canyon with 260 new homes sold (#23)
In 2018, builders sold more new homes than they had in a decade or more. Buyers were also willing to pay the highest prices they seen since the housing bubble burst in 2008.
Despite these very good numbers for these communities, the sales are off from the year before. In comparison to the same time last year, new home sales were down 28 percent in Inspirada, 4 percent in Cadence, and 8 percent in Skye Canyon. Summerlin sales are off 13 percent over the same six month period the previous year.
Sales in Southern Nevada have been dropping significantly and inventories have been rising for the past year.
Nonetheless, the report indicates that all 50 communities around the US are performing well and that sales in 2019 might be higher than 2018.
A note on the methodology: RCLCO did not breakdown the type of home. They only counted homes under contract minus cancellations. There was no indication of the median home price in these figures.
What does it all mean?
There are some mixed signals in the report, but overall, new home sales in Southern Nevada are strong and will likely remain strong. Prices have been fairly level for the past few months, making the purchase of a home a bit more predictable.
The Federal Reserve decided to lower interest rates a quarter of a percent which will keep mortgage rates down.
Homebuyers will likely see an increase in available new (and existing) homes on the market over the next few months, giving them a little more choice and the ability to negotiate more.