The new home luxury market is surging during the first six months of 2019 despite a decline in the housing market overall, and MacDonald Highlands and Summerlin continue to dominate the marketplace with a combined 80 new home closings of $1 million or more.
Home Builders Research reports there were 123 new homes closed from January through June, 41 percent higher than the 87 during the first six months of 2018. There were only 52 such sales in the first half of 2017.
The luxury threshold in Las Vegas is considered $750,000 and above, and when it’s included there were 313 closings during the first six months. There were 234 such closings a year ago. That’s 30 percent higher over the past year.
The luxury new home market has come a long way over the past three years.
In 2017, there were 145 new home luxury closings of $750,000 or more and there were 108 in 2016 during the same six-month period.