Lennar ranked as top September seller

Eight new home product lines opened in September in the Las Vegas Valley, bringing more than 715 lots to the market.

Home Builders Research reported that is equivalent to about six weeks of inventory at the September pace.

Beazer Homes opened two new communities, Raven Point, with prices starting in the low $400,000s, and Wisteria, priced in the $600,000s.

DR Horton debuted an infill project in the Aliante area of North Las Vegas called Serenity, priced in the $500,000s.

Also in North Las Vegas, KB Home opened two product lines in their Sandstone project in the Villages at Tule Springs master-planned community.

Elowen is another new release in the northwest valley, said Las Vegas-based Home Builders Research President Andrew Smith.

Toll Brothers opened two new projects. The first, Brightridge, is under the Storybook Homes brand in the southwest. The second is Reflection Ridge in Summerlin, Smith said.

Lennar was September’s top-selling builder with 108 net sales, the only builder to report triple-digit net sales.

DR Horton’s Heartland Trails was the top-selling community last month with 24, Home Builders Research reported.

New home net sales — new sales minus cancellations — in September was 30 percent below the 2026 average for the second straight month. The monthly total of 483 was down 4 percent from August. The average net sales per week of 121 decreased to the lowest total of the year once again.

For the third quarter, the net sales total was down 12 percent from the third quarter of 2025.

Sales continue to be affected by mortgage rates, Smith said. FreddieMac reported that average mortgage rates increased rapidly to their highest levels since 2023 during September, ending the month with rates moving from 6.71 percent to 7.28 percent on average for 30-year fixed rate mortgages and from 6.04 percent to 6.60 percent for 15-year fixed rate mortgages.

Smith said there were 721 new home closings in September, a 13 percent decrease from September 2025. In the third quarter, the total of 2,099 was 16 percent below the third quarter of 2025. The 2026 total of 6,143 is 20 percent below 2025 to this point, Smith said.

The new home market share in terms of overall closings was 24 percent in September.

There were 540 single-family detached closings in September, 9 percent fewer than a year ago. The 2026 total of 4,606 is 17 percent below the 2025 figure.

Attached products closed 181 units in September, 22 percent fewer than in September 2025. The 2026 total of 1,517 is down 27 percent year to year.

Market share for attached new-home products in September was 25 percent, Smith said.

According to Clark County data, Smith said 16 percent of new home closings in September were cash transactions. Of those that were financed, the average loan amount was $497,841. The largest loan for a new home closing in September was $2.3 million by Bank of America for a home in the Caprock collection at Ascension from Toll Brothers in Summerlin.

Base asking prices continue to slowly shift higher.

In 2026, over 30 percent of net sales have come in communities with an average base asking price over $600,000 compared with 26 percent overall in 2025, Smith said.

The median new home closing price for all product types was $534,750 in September 2026, a 1 percent increase from September 2025. The median new home closing price for single-family detached products was $574,975, even with September 2025.

For attached product types, the September 2026 new home median closing price was $370,000, down 5 percent from 2025, Smith said.

Home Builders Research reported vacant land purchases by homebuilders yielded three closings in September, adding roughly 47 acres to their portfolios.

“If we assume an average of 10 units per acre, this equates to around 470 new homes, or less than one month of inventory at September’s sales pace,” Smith said.

Together, the builders spent over $60 million at an average of just over $902,000 per acre. Toll Brothers and Beazer Homes were the builders adding to their portfolios in September, Smith noted.