\nBy Eli Segall (contact)Monday, November 25, 2013 – 12:08 p.m.<\/p>\n
\tLas Vegas\u2019 home construction business slowed again last month as buyers faced rising prices and higher borrowing costs.<\/p>\n
\tSouthern Nevada builders sold 588 new homes in October, according to a new report from Las Vegas-based Home Builders Research, down from 626 sales in September and 763 in August.<\/p>\n
\tLast month\u2019s total was essentially flat compared to October 2012, when local builders sold 593 new homes.<\/p>\n
\tThe median price of last month\u2019s closings was $285,126, up from about $269,500 in September and $266,400 in August. Prices have climbed 32 percent from roughly $216,600 a year ago.<\/p>\n
\tMeanwhile, interest rates for 30-year mortgage loans averaged 4.1 percent in the final week of October, down from 4.13 percent the week before but up from 3.39 percent a year ago, according to Freddie Mac, the government-controlled mortgage finance giant.<\/p>\n
\tDespite the slowdown in sales, Las Vegas homebuilders are faring better than last year.<\/p>\n
\tThey sold 6,236 new homes through October, up 44 percent from the same period in 2012, and pulled 6,159 construction permits, up 23 percent.<\/p>\n
\t\u201cAs we close out 2013, in our opinion, it will be remembered as \u2018the year of recovery,\u2019\u201d Home Builders Research President Dennis Smith said in his latest report. \u201cNot that the Las Vegas economy is in good health and is back on its feet from the Great Recession.\u201d<\/p>\n
\t\u201cThings are going in the right direction, but there is still a long path ahead for everyone to feel a sense of comfort,\u201d Smith said.<\/p>\n
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By Eli Segall (contact)Monday, November 25, 2013 – 12:08 p.m. Las Vegas\u2019 home construction business slowed again last month as buyers faced rising prices and higher borrowing costs. Southern Nevada builders sold 588 new homes in October, according to a…<\/p>\n","protected":false},"author":36,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-6586","post","type-post","status-publish","format-standard","hentry","category-life-on-the-home-front"],"_links":{"self":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6586","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/comments?post=6586"}],"version-history":[{"count":0,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/posts\/6586\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/media?parent=6586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/categories?post=6586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumarchives.tmsites.net\/index.php\/wp-json\/wp\/v2\/tags?post=6586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}