Lennar closes 2024 as builder # 1 – Las Vegas Review -journal

Lennar retained its first place as a No. 1 builder in Las Vegas in 2024, as the industry scored an 11 percent increase in net sales for the year, and the five best builders occupy their positions over 2023, according to the Home Builders Research.

The industry had to overcome higher prices and increased interest rates in order to report the second best year from the pandemic with 11 719 net sales (minus cancellation), heading 10,529 in 2023. The best year of the pandemia was 2021. With 12,902 net sales, when the mortgage is much smaller than those moving in the high range of 6 percent in recent months.

The lack of inventory of existing homes has helped builders to end the year, representing 28 percent of all housing closure (new and existing), an increase of 2 percent since 2023, despite rising prices.

The average price for the new single -family homes is $ 574 346, an increase of 13.1 percent over 2023. The average price of attached homes is $ 385 312, which is an increase of 2.6 percent.

This may be one of the reasons why the traffic of potential buyers who look at homes have fallen by 6 percent, but new project projects are reduced by 10 percent.

Lennar had 2.143 net sales in 2024, an increase of 18.8 percent compared to 1804 in 2023. The average closure price was $ 490,000, an increase of 7.7 percent.

Dr. Horton occupies a place # 2 with 1 910 net sales, which is an 8.9 percent increase compared to $ 1.754 in 2023. The average closure price is $ 413,990, with a 3.3 percent decrease.

Pulte Group remains at # 3 with 1533 net sales, with a decrease of 2 percent of 1565 sales in 2023. The average closure price is $ 581 487, which is a 4.9 percent increase. The average closure price is $ 508 252, an increase of 9.9 percent.

KB Home remained number 4 with 1351 net sales, which is 12.7 percent of 1547 sales in 2023.

Richmond American owns No. 5 with 920 net sales, an increase of 27.8 percent from 720 in 2023. The average closure price is $ 515,975, an increase of 9.1 percent.

Century Communities is No. 6 with 699 net sales, a 66 percent increase compared to $ 421 in 2023. The average closure price is $ 505 963, which is a 4.2 percent increase.

Toll Brothers was No. 7 with 610 net sales, an increase of 56.8 percent compared to 389 in 2023. The average closure price was $ 734 221, a 1.5 percent reduction.

Beazer Homes was No. 8 with 484 sales, an increase of 3.9 percent compared to 466 in 2023. The average closure price was $ 449,995, an increase of 11.1 percent.

Touchstone Living was No. 9 with 422 sales, an increase of 9.9 percent compared to 384 in 2023. The average closure price was $ 365 490, a 1.1 percent reduction.

The Tri Pointe Home was No. 10 with 411 sales, an increase of 2.5 percent compared to 401 in 2023. The average closure price was $ 597.198, a 5,7 percent reduction.

Despite the strong year, December ended with a weak note for builders with 633 net sales, which is lower than 776 in December 2023 and 15 percent below net sales 774 in November. This is the lowest level reported since December 2022. Interest rates are approaching 7 percent in December, according to Las Vegas-based president of housing builders Andrew Smith.

“The estimates for the 2025 tariffs seem to be more observed than observed in the second and third quarter of 2024, when most analysts are expected to monitor mortgage loans to constantly decline this year,” Smith said. “But now it seems that it is a more likely 6.5 percent average 30-year rate by the end of 2025.”

As net sales increased by 11 percent for the year, the closure also increased by 11 percent, Smith said.

There were 12 246 closure for the year, an increase of 1.254. Of these 9 179 are single-family homes, which has been increased by 9.8 percent over 2023. There are 3 246 net sales of attached homes, a 16 percent increase.

Home Builders Research reports six new product sales lines, which open in December, bringing 406 lots on the market. The total number of units open in 2024 is 90, which is 10 percent of 100 observed in 2023.

Of these 90 projects, over 7,600 lots were added – 38 percent decline of over 12,000 lots added by the 100 communities open in 2023. Smith said it was probably the result of the total shortage of lots and land on the market.

Dr. Horton was the best-selling December builder with 140 net sales. The best-selling individual communities in December were the trails of Dr. Horton’s Kaleya in North Las Vegas and del Webba at Las Vegas Lake in Henderson from Pulte Group, each with 14 net sales.

The builders did not slow down in 2024 when it came to the removal of homes. A total of 2024 of 12 543 is an increase of 6 percent per year. The total building permit of December 2024 was 30 percent lower than December 2023. In the fourth quarter there were 2.505 new housing permits, 9 percent less than the fourth quarter of 2023.

The Earth’s closure activity in December 2024, which builders add nearly 300 acres of raw land to their portfolios, emphasized by just over 209 acres acquired by KB Home in the villages in Tule Springs MPC in North Las Vegas, Smith said.

Clark County data show that 18.2 percent of the new housing closure in December were cash transactions, just over 1 % higher than the previous month, Smith said. Of those who were funded, the loan average was $ 461 035, which is slightly monthly a month.

The largest loan for a new housing closure in November was $ 3 million from C3 Bank, for a home in the Caprock collection at Ascension at Summerlin by Pulte Homes, Smith said.