Las Vegas new home sales have doubled due to the tax credit and luxury high rise condo closings at City Center Las Vegas
Las Vegas new home sales have nearly doubled from high 400-500 to 972 in June-2010. This was due to the US government tax credit which got extended recently. However most, if not all, new home sales should have closed by now and next month new home sales should be back to the 400-500 level. City Center has started closing on its luxury high rise condos in June. 78 Closings at CityCenter Veer Towers and Residences at Mandarin Oriental have helped the new home sales numbers.
It is too late now to take advantage of tax credits. Las Vegas new home builders are offering $8,000 in free upgrades or interest rate buy downs to get new home buyers into their sales office.
As I discussed in the blog posts about comparing Las Vegas new homes with re-sales and bank owned homes, there is a price difference between resale homes and new homes and foreclosures. The median price for new homes in Las Vegas is at $180,000 which declined by 9% from last year. However the median price for non-distressed homes stands at $132,000, while foreclosures or bank owned homes have the median price of $121,000. As I wrote non-distressed homes get a premium for the ease of transaction.
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