Vegas Just Keeps Growing and Growing

New-Home Sales Record for the Gambling Capitol

Home Builders Research, which dubs itself the ?EUR??,,????'??premier housing research firm in the Las Vegas housing market,?EUR??,,????'?? reports 25,230 new-home sales in Las Vegas for 2003, a 12 percent gain over 2002, and surpassing its 2001 record of 22,940. Construction could not keep up with the new housing demands in 2003. The resale market of homes was also up nearly 30 percent in 2003.

Dennis Smith, president and founder (1987) of Home Builders Research (HBR), believes 2004 could be another record year, unless mortgage rates rise. According to HBR?EUR??,,????'???s website, the firm maintains a data base of recorded sales activity that is the ?EUR??,,????'??most authoritative source of new housing absorption data in the Clark County area.?EUR??,,????'??

Despite all the new homes, the demand and pricing in the Vegas home market is so competitive that home builders employ lotteries, and people camp out at sales offices in hopes of getting one of the new homes before prices inflate further. HBR reports the median price of a new home in December 2003 was $209,611, nearly a $23,000 increase from the previous month.

KB Home, the top builder in Southern Nevada, doesn?EUR??,,????'???t see a slowdown in sight. The firm is currently involved in constructing over 40 new home developments.