Which Las Vegas builders are really selling?
New home sales data isn't public. Builders buy it from a research company to build their forecasts, and I bought the same data. Here's what Q1 actually looked like — by area, by builder, and including the cancellations nobody advertises.
Q1 2025 new home sales
2,736
Down 20% year over year
Model home visitors
41,419
Down 15% from Q1 2024
Traffic from outside Las Vegas
65%
Mostly California
Most of the data I publish covers resale homes, because that's what agents work in and what the MLS captures. New home sales are a large part of this market and the numbers are considerably harder to find.
They aren't on the internet. I went looking, worked out which company builders use to compile them, and bought the data the same way the builders do. That's why your agent almost certainly doesn't have these figures.
This is a quarterly report. For the following quarter, see the Q2 2025 new home report.
Top and bottom of Q1
| Highest sale | Lowest in Las Vegas | Lowest in southern Nevada | |
|---|---|---|---|
| Price | $2,165,000 | $285,000 | $225,000 |
| Builder | Toll Brothers | Harmony Homes | Pulte / Del Webb |
| Community | Ridgeline at Ascension, Summerlin South | Falcon Ridge, East Las Vegas | Sun City, Mesquite |
| Type | Single family, one storey | Attached — townhouse or condo | Single family |
| Size | Just under 5,000 sq ft | Just over 1,000 sq ft | 1,241 sq ft |
Nearly a ten-to-one spread between top and bottom, which is a reminder that "new construction" describes a very wide range of product.
Where people looked, where they bought, and who converted
| Area | Visitors | Net sales | Conversion | Price range |
|---|---|---|---|---|
| Henderson | 9,000 | 763 | 8.5% | $400K–$600K |
| Northwest | 11,000+ | 670 | 6.1% | $400K–$700K |
| Southwest | 12,000 | 703 | 5.9% | $400K–$600K |
The Southwest drew the most traffic at about 30% of the valley total, followed by the Northwest at 27% and Henderson at just under 22%.
Henderson had the fewest visitors and the most sales — converting at 8.5% against the Southwest's 5.9%. Its buyers arrive having already decided.
On net sales by submarket, Henderson took almost 28%, the Southwest 25% and the Northwest just under 25%.
Traffic, sales and cancellations
| Builder | Visitors | Contracts | Cancellations | Rate | Net sales |
|---|---|---|---|---|---|
| Lennar | — | 608 | 68 | 11.2% | 540 |
| D.R. Horton | ~6,000 | 540 | 54 | 10.0% | 486 |
| Pulte | 9,700 | 433 | 85 | 19.6% | 348 |
| KB Home | 4,929 | — | — | — | 368 |
Pulte drew by far the most traffic at 9,700 visitors and converted it least effectively, with a cancellation rate close to double the other two.
Lennar and D.R. Horton both ran around 10 to 11% — roughly one contract in ten falling out. That's the useful benchmark.
Two thirds of visitors don't live here
People come to Las Vegas for a trip and one of the things they do is tour new homes. Which explains something a lot of buyers find frustrating.
The community with the most traffic was Ascension in Summerlin South — where that $2.165 million top sale happened — and that traffic didn't translate into proportionate sales. People look at million-dollar homes and buy $500,000 ones.
If you've walked into a luxury community and the salesperson barely acknowledged you, that's why. Most of the people through that door aren't buying, and some can't qualify.
The practical fix is bringing an agent. It signals you're serious and pre-qualified, and you get the attention and information you actually came for.
Why you're seeing more spec homes
Building to order takes nine to twelve months, and a lot changes in that window. Income situations shift. And rates matter enormously — someone pre-approved at 6% who reaches closing at a higher rate may no longer qualify or no longer want to proceed.
That's the mechanism behind the cancellation numbers, and builders are responding by putting up more spec homes with shorter timelines to closing.
For buyers, spec inventory is where the negotiating room is. A builder carrying finished homes they need to move will offer incentives, and sometimes there's price movement too. A builder selling well has considerably less reason to bend.
How the base price, incentives and lot premiums actually work is covered in our guide to buying new construction.
Q1 2024 against Q1 2025
| Q1 2024 | Q1 2025 | Change | |
|---|---|---|---|
| New home sales | 3,419 | 2,736 | −20.0% |
| Model home visitors | 48,886 | 41,419 | −15.3% |
Both down, with sales falling faster than traffic. Two reasons stand out: no relief on interest rates, which buyers had been waiting for, and broad economic uncertainty making people reluctant to commit to a large financial decision.
What the numbers say about buyers
They're cautious rather than panicked. Nobody is fleeing the market. They're being deliberate, and they don't want to end up in a position where they lose money or overcommit.
Incentives and affordability are driving decisions more than anything else.
Quick move-ins remain the most attractive product. People don't want to wait nine to twelve months. They want the house now.
Primary homeowners are carrying the market. Very few second-home or vacation buyers, and even fewer investors buying new construction as an investment. That's a meaningful shift from previous years.
What separates the builders that are winning
Good locations, meaningful incentives, and genuine overall value — reasonable square footage, decent lot size, and an HOA that isn't excessive.
Watch for stacked fees. Master plan fees on top of sub-association fees on top of SIDs all add to the monthly cost, and buyers are pricing that in now.
New home market FAQ
Are new home sales down in Las Vegas?
Yes. Q1 2025 recorded 2,736 new home sales against 3,419 in Q1 2024, a decline of 20%. Model home traffic fell 15% over the same period, from 48,886 visitors to 41,419. The main causes were the absence of expected interest rate relief and broad economic uncertainty making buyers reluctant to commit.
Which Las Vegas builder sells the most new homes?
Lennar led Q1 2025 with 540 net sales from 608 contracts. D.R. Horton followed with 486 net sales from 540 contracts, and KB Home recorded 368. Notably Pulte drew the most model home traffic at 9,700 visitors while converting least effectively, with a cancellation rate near 20% against roughly 10 to 11% for Lennar and D.R. Horton.
Which area of Las Vegas sells the most new homes?
Henderson, taking almost 28% of net new home sales in Q1 2025 despite drawing the fewest visitors of the top three areas. It converted 763 sales from about 9,000 visitors, roughly 8.5%, against 5.9% in the Southwest, which had the most traffic at around 12,000 visitors and 703 sales.
Why do new home salespeople ignore you at luxury communities?
Because most visitors aren't buyers. Around 65% of new home traffic comes from outside Las Vegas, largely California, and touring model homes is something people do while visiting. Luxury communities draw disproportionate traffic that doesn't convert — people look at million-dollar homes and buy $500,000 ones. Bringing an agent signals you're serious and pre-qualified.
Why are builders building more spec homes?
To reduce cancellations. A build-to-order home takes nine to twelve months, during which a buyer's income can change or interest rates can move enough that someone pre-approved at 6% no longer qualifies or no longer wants to proceed. Spec homes shorten the window between contract and closing. For buyers, spec inventory is usually where the incentives and negotiating room are.
Who is buying new construction in Las Vegas right now?
Primary homeowners, almost entirely. Second home and vacation buyers are scarce, and investors buying new construction as an investment are scarcer still. Incentives and affordability are the dominant factors in purchase decisions, and quick move-in homes remain the most sought-after product because buyers don't want to wait most of a year.
Data, not opinions
If you want to work with someone who has the actual numbers on which communities are selling and which aren't, reach out. I'm notified when incentives change, when prices move, and when the next lot releases happen — which means priority access before it reaches the general public.
These reports run quarterly, with a lag while the data is compiled.
Las Vegas new home market: traffic down, sales up
Fewer people are visiting new home communities, and more of them are buying. That combination tells you something specific about who's out there right now — and why builders have got noticeably more motivated.
Q2 closings
3,228
Up from 2,700 in Q1
Q2 visitors
33,000
Down from over 40,000
Cancellations
Rising
And that's an opportunity
The figures below cover Q2 2025 new construction across Las Vegas and Henderson. For the previous quarter see the Q1 2025 new home report, and for where the wider market sits now, the Las Vegas housing market overview.
Fewer visitors, more buyers
Traffic fell from over 40,000 visitors in Q1 to about 33,000 in Q2, while closings rose from 2,700 to 3,228.
A few years ago touring model homes was practically a hobby. People went for design ideas, or stopped at open houses on a Sunday because it was enjoyable. With prices and rates where they are, that's largely stopped — looking at homes you can't buy isn't fun.
The people walking into model homes now are trying to buy something. That's why sales rose while traffic fell.
For a buyer, that's useful context. You're competing against fewer casual browsers and more serious purchasers, in front of builders who need the volume.
Top and bottom of the market
| Highest Q2 sale | Lowest Q2 sale | |
|---|---|---|
| Price | $2,900,000 | $309,000 |
| Type | Single family | Townhouse |
| Location | Lake Las Vegas | North Las Vegas |
| Size | ~4,200 sq ft | ~1,100 sq ft |
| Builder | Tri Pointe | D.R. Horton |
Both ends tell you something. Buyers at the top are still transacting — a $2.9 million Lake Las Vegas home found someone. And the bottom is a genuine affordability play, with new construction available near $300,000 if you'll take a townhouse in North Las Vegas.
Between them: a detached single family new build generally starts in the $400,000s.
Where people looked, and where they bought
| Area | Share of traffic | Share of sales | Typical price range |
|---|---|---|---|
| Henderson | 21% | 28% | $400K–$600K |
| Southwest | 32% | 24% | $300K–$600K |
| Northwest | 25% | 22% | $400K–$700K |
The Southwest drew the most visitors by a clear margin, taking nearly a third of all traffic. Henderson drew the fewest of the top three — and converted best, taking the largest share of sales.
Henderson continues to dominate the mid-range, and its buyers appear to arrive having already decided.
The Northwest carries the widest price range, extending to $700,000, which reflects the mix of product being built there.
Traffic, sales and cancellations
| Builder | Q2 visitors | Q2 closings | Contracts | Cancellations | Rate |
|---|---|---|---|---|---|
| Lennar | — | 525 | 626 | 101 | 16.1% |
| D.R. Horton | 5,300 | 420 | 458 | 38 | 8.3% |
| Pulte | 8,700 | 373 | 442 | 69 | 15.6% |
| KB Home | 4,400 | — | — | — | — |
Lennar led on closings and on cancellations, losing about one contract in six. D.R. Horton had roughly half that cancellation rate — the cleanest conversion of the three.
The builder drawing the most traffic by a wide margin, at 8,700 visitors, converted that into the fewest closings of the top three. Interest doesn't always translate.
Cancellations creeping up across the board is worth watching. It usually reflects buyers struggling to qualify, or reconsidering once the payment becomes real.
Lennar is paying agent commissions again
Builders typically pay a commission to agents who bring qualified buyers into contract. But not always — it depends entirely on how much they need the help.
During the hot market, when homes were selling as fast as they could release them, Lennar was one of the builders that stopped paying agent commissions. They didn't need to.
They're paying again now.
When a builder starts paying people to bring them customers, that tells you where the leverage sits. It's one of the more honest market indicators available.
The same logic applies to incentives generally — something covered in more detail in our guide to buying new construction.
Where the actual deals are
The rising cancellation numbers create a specific opportunity most buyers never see.
When a buyer falls out of escrow, the builder is left with a finished or nearly finished home carrying someone else's choices — their flooring, their countertops, their upgrade package. That home can't be sold as a fresh build at full retail, and the builder wants it gone quickly because the capital is tied up in a completed asset.
So it gets discounted. These become quick move-ins, and they're often the best value in a community.
The catch is timing
These homes move fast, and the good ones frequently sell before they're advertised publicly. The same is true of lot releases, price adjustments and one-off incentives.
Nobody calls every builder weekly to check. You have a job and a life. An agent tracking it can tell you when a lot release is coming, when pricing shifts, and when a fallout hits — ideally before it reaches the general public.
That's the practical argument for having representation on a new build, alongside the negotiating points covered in the new construction guide.
New home market FAQ
Are new home sales rising or falling in Las Vegas?
Sales rose in Q2 2025, with 3,228 closings against 2,700 in Q1 — roughly a 20% increase. Traffic moved the other way, falling from over 40,000 visitors to about 33,000. Fewer people are touring model homes casually, so a higher proportion of visitors are serious buyers.
Which area sells the most new homes in Las Vegas?
Henderson, taking 28% of new home sales in Q2 2025 with typical pricing between $400,000 and $600,000. The Southwest followed at 24% across a wider $300,000 to $600,000 range, and the Northwest at 22% between $400,000 and $700,000. Notably the Southwest drew the most traffic at 32% while converting less of it than Henderson did.
How much does a new construction home cost in Las Vegas?
The range in Q2 2025 ran from $309,000 for a roughly 1,100 square foot townhouse in North Las Vegas up to $2.9 million for a 4,200 square foot single family home in Lake Las Vegas. A detached single family new build generally starts in the $400,000s.
Why do builders pay real estate agent commissions?
Because agents bring qualified buyers. Whether they pay depends on market conditions — during the hot market some builders including Lennar stopped paying agent commissions entirely, since homes were selling without help. Lennar is paying again, which is a reasonably reliable indicator that leverage has shifted toward buyers.
Can you get a discount on a new construction home?
Often on cancellations. When a buyer falls out of escrow, the builder holds a finished home with the previous buyer's chosen upgrades, which can't be sold at standard retail. These become quick move-ins and are usually discounted so the builder can recover the capital. They tend to sell before being publicly advertised, so hearing about them early matters.
Are new home cancellations increasing?
Yes. In Q2 2025 Lennar recorded 101 cancellations against 626 contracts, a rate of about 16%. D.R. Horton was considerably cleaner at 38 cancellations on 458 contracts, roughly 8%. Rising cancellations typically reflect buyers struggling to qualify or reconsidering once the monthly payment becomes concrete.
Know before it's public
If you have a location in mind but don't know the builders, or you want a specific lot — a corner, a premium position, something with a view — the useful thing is knowing when releases, price adjustments and fallouts happen.
You won't get automated emails full of listings that don't fit. We'll talk through your situation and you'll hear from us when something we've actually picked out for you comes up.