New Homes Sales Crater | Jordan Dove’s Real Estate Market Pulse EP. 6

https://www.youtube.com/watch?v=9PslDZHx_SI&t=57s

Jordan gives his weekly market real estate news update. New home sales CRATER year-over-year.

Pending home sales dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months. Pending sales fell in three of four major regions, with the West posting a small increase.

Compared to the prior year, contract signings declined by double digits in each region, with pending sales in the West down 30%.

Last month, Southern Nevada builders sold the fewest homes in at least two years and now, fears of more housing industry layoffs have started to swirl. Builders logged 434 net sales — newly signed purchase contracts minus cancellations — in July, down 61.5 percent from the same month last year, according to figures from Las Vegas-based Home Builders Research.

This marked the fourth consecutive monthly sales drop and the lowest tally “since the start of the pandemic,” the firm reported. “The slowdown is real and the effects are real,” Home Builders Research President Andrew Smith wrote in the report.

Builders also pulled 539 new-home permits last month, down 50 percent from July 2021, indicating a shrunken construction pipeline.

There have been hundreds of layoffs nationally in the housing industry, and “word has also started to get out” in Southern Nevada that builders and contractors are “having to come to these difficult decisions,” according to Smith. Article courtesy Eli Segall LVRJ: https://www.reviewjournal.com/busines…\

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