VEGAS INC coverage
With sales climbing, Las Vegas’ home construction business had its best month of the year in August.
Southern Nevada builders sold 763 new homes last month, up 29 percent from August 2012 and the highest one-month total of the year, according to a new report from Las Vegas-based Home Builders Research.
The median sales price of August’s closings was $266,389, up 31 percent from a year earlier.
Builders have now sold 5,027 homes this year through August, up 60 percent from the same period last year.
They continue to ramp up construction plans, as well. Builders pulled 673 new-home permits last month, up 17 percent from August 2012.
A total of 5,057 new-home permits have now been pulled this year, up 26 percent from the same period in 2012, Home Builders Research President Dennis Smith reported.