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A report from Home Builders Research found that home builders in Las Vegas have bought more than double the land this year than in 2017.
Home Builders Research president Andrew Smith and founder Dennis Smith say that builders have purchased roughly 675 acres of land this year as of April 2018, versus 315 acres from January to April 2017, in a "rush to attempt to meet the demand for new homes … and the increased confidence in the market." The Las Vegas Review-Journal reports that building permits pulled are also up 28 percent year-over-year in 2018, the first time in 11 years that Vegas builders have pulled more than 1,000 permits over the course of two months.
Smith and Smith expect “even larger pieces to be picked up” this year, they wrote, given that such master-planned communities as Summerlin and Skye Canyon are releasing new phases, and other communities, such as Valley Vista and the Villages at Tule Springs, are opening for business. Land buyers this year include Texas builder D.R. Horton, which in late January and early February acquired 200 acres in North Las Vegas’ 600-acre Valley Vista project. D.R. also picked up 63 acres at Las Vegas Boulevard and Starr Avenue last month for a 299-unit condo development.
