New Home Sales Nearly Double
LAS VEGAS (AP) — The number of new homes sold last month in the Las Vegas area has almost doubled compared with a year earlier.
Home Builders Research says 651 new homes were sold in April, at a median price of $238,000. The Las Vegas Sun reports prices have jumped 19 percent year-over-year.
The firm says the price per acre for raw land in prime locations is now up to the $350,000 to $400,000 range.
More builders are pulling permits for new homes. Home Builders Research President Dennis Smith says there were 661 in April and nearly 2,500 this year so far, more than double what it was the same time last year.
But Smith says the number of permits is still far below the level it was in 1990 and 2000.
Copyright 2013 The Associated Press.