The luxury new home production market has been buoyed as a new community named Ascension ramps up in Summerlin while elsewhere in the west valley, master plan lot sales are underway for a new high-end mountainside custom-home development. Las Vegas-based Home Builders Research reported 535 sales of $1 million and higher in 2024, down from 567 in 2023 and 544 in 2022. Going back to 2017, sales had been increasing on a yearly basis.
This marks the first decline. There were 96 closings in 2016 followed by 129 in 2017, 241 in 2018 and 247 in 2019. By 2020 during the pandemic the number rose to 313 followed by 432 in 2021.
The decline in new home sales was visible in the first half of 2024 when closings were down 15 percent from 267 from January to June 2023 to 227 last year. There were 308 closings in the second half of 2024, up from 300 in the second half of 2023 with the ramping up of Ascension prompting the turnaround, according to Home Builders Research. That decline in luxury new home construction comes as the overall new-home market for all price points combined ran 11 percent higher in terms of closings over 2023.
Market observers said the luxury new home closings in the first half of 2024 was a reflection of not having enough luxury production homes for sale with limited land available. Toll Brothers and the Pulte Group were the dominant players in the marketplace with 146 closings and 107 closings, respectively, in 2024. Those builders’ numbers have been boosted by Asc.
