October 20, 2014
LAS VEGAS (AP) - New home sales in Las Vegas are up 62 percent and building permits have nearly tripled since last year as the supply of existing homes remains tight.
Home Builders Research reports 593 Las Vegas-area new home sales in October, up from 367 last October.
The firm also reports 576 new home permits were issued in October, up from 196 permits the same time in 2011.
The median sales price for a new home was nearly $217,000 in October, up 10 percent year-over-year.
But the Las Vegas Sun reports the positive numbers could mask deeper problems.
Home Builders Research President Dennis Smith says in the report that there could be a flood of existing homes listed for sale in coming months, causing a swing in numbers.