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New Home Sales Soar

LAS VEGAS (AP) — Southern Nevada new home sales are up by double digits again.

A report from Home Builders Research shows 651 new homes were sold last month, up 41 percent from the previous July.

The median price of those homes was more than $266,000, up 37 percent from a year ago.

But the firm’s president warned that buyers may be getting weary of the rapidly rising prices, and says it appears the market is reaching a price plateau.

He says southern Nevada builders pulled 509 new home permits in July, which is down 6 percent from July 2012.

They’ve pulled nearly 4,400 permits so far this year, up 28 percent from the same time period last year.

Copyright 2013 The Associated Press.

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