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Monday, March 25, 2013

Las Vegas New-Home Sales Surge 94 Percent in 2013

Predictions that new home sales will continue to grow this year have been further solidified by the results of a recent study conducted by Home Builders Research. In comparison with 2012, new home sales are up 94 percent for the first two months of the year. According to Dennis Smith, the president of Home Builders Research, "It’s not a surprise that new-home recorded sales are stronger than the past two years as we are comparing the present results with the bottom of the cycle." He expects large increases in year-to-year prices for most of 2013 because of the lack of resale inventory and rising land prices. Smith added, “I’m not saying they’re going up forever, just in the next year... It’s good for people who own homes, but not for those looking to buy before prices go up.”

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Photography: JEFF SCHEID

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