Las Vegas Builders Are Opening Large New Projects While They Wait Out the Slowdown

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Las Vegas homebuilders are still opening big new communities, even though new-home sales just hit their slowest weekly pace of the year. For people shopping new construction, that means more places to look and builders who need your business.

The Review-Journal's RJNewHomes.Vegas section reported on Nov. 7 that builders keep moving ahead with large developments. They are competing for buyers while they wait for the market to recover from high mortgage rates. Two of the largest projects are KB Home's Sandstone in North Las Vegas and Pulte's Aries in Henderson.

Here is the odd part. Builders sold fewer homes in September than they did a year ago, and they have closed 20 percent fewer homes so far this year. Yet they keep adding neighborhoods. That is not as strange as it sounds. Large communities are planned years ahead, and the land and the approvals are often in place long before the first model home opens.

Here is what is opening, what the numbers say, and how to shop if you are thinking about a new home in the Las Vegas Valley.

What Happened: The Big Projects Now on the Map

Sandstone, North Las Vegas. KB Home announced Sandstone on Sept. 4. The master plan covers nearly 300 acres inside the Villages at Tule Springs, at North 5th Street and the 215 Beltway. It is planned for more than 1,500 homes across four communities. Jim McDade, who leads KB's Las Vegas division, called it the "largest new-home community we've developed in the past 10 years."

Two of the four communities opened first, and two were still being built when KB made its announcement. KB's website currently lists these starting prices:

• Meadows, two-story townhomes: from $299,990
• Gardens, two-story single-family homes: from $339,990
• Landings, two-story single-family homes of about 1,572 to 2,469 square feet: from $391,990
• Reserves, single-family homes of about 1,644 to 3,066 square feet: from $454,990

Those are base prices. KB notes that upgrades, lot premiums and association fees are extra. The plan also calls for more than 12 acres of parks, trails, a dog park, pickleball and basketball courts, and a trailhead with access to Tule Springs Fossil Beds National Monument.

Aries, Henderson. Pulte's Aries covers more than 1,100 acres on the south side of Lake Mead Parkway, on a former mining site. Plans call for 24 neighborhoods. Henderson's mayor has said it will have 3,000 single-family homes and nearly 40 acres of parks and trails. The Review-Journal reported that five subdivisions opened for sale after a September grand opening, with prices from the $300,000s to the $500,000s. Its Nov. 7 roundup lists 15 floor plans now selling, from 1,285 to 2,727 square feet.

The same roundup mentions sales expected to begin in 2027, along with a clubhouse planned for Del Webb residents. Since some neighborhoods are open now, ask Pulte which ones that later date covers.

Smaller openings. The big names are only part of it. Home Builders Research counted eight new product lines in September, with more than 715 lots. A product line is one builder's set of floor plans in one location. Those 715 lots equal about six weeks of sales at September's pace. The list included Beazer Homes' Raven Point, starting in the low $400,000s; DR Horton's Serenity in the Aliante area of North Las Vegas, priced in the $500,000s; and Toll Brothers' Reflection Ridge in Summerlin. July was busier, with 14 new product lines and more than 1,200 lots.

October brought more. Richmond American opened Cactus Bloom in Summerlin. Pulte opened Westlight in Lake Las Vegas, which the Review-Journal described as the only new townhome community currently selling in that 3,600-acre master plan. Beazer is now the only builder in Lake Las Vegas that includes solar panels with its homes.

Sandstone and Aries also added choices in September and beyond. KB added two more product lines at Sandstone that month, and Beazer opened a second community called Wisteria. At Aries, Pulte's site lists Dalea, a townhome neighborhood, and Sora, a Del Webb community for active adults. The first park at Aries, Greenbow Park, has a large field, playgrounds, a shaded picnic area, four pickleball courts and a paved loop trail.

Why It Matters to Las Vegas Residents

Start with what builders are up against. In September, they signed 483 net sales, down 5 percent from a year earlier. Net sales are contracts signed minus contracts canceled. The weekly average of 121 was the lowest of 2026, according to Home Builders Research. Through September, builders had closed 6,143 homes, down 20 percent from the same stretch last year.

Mortgage rates are a big reason. Freddie Mac's 30-year average was 7.18 percent on Nov. 5. That is down from 7.24 percent a week earlier, but it is well above the 6.22 percent of a year ago.

When a builder has finished homes and new phases to sell, it has a few choices. It can cut the price, or it can offer help with the rate, closing costs or upgrades. So far, Las Vegas prices have mostly held. The median new home closed at $534,750 in September, up 1 percent from a year ago. That points to incentives as the place to look for a deal, not the sticker price.

Here is one real example. When we checked KB's page for Landings at Sandstone this week, it advertised rates as low as 4.99 percent on a 5/1 FHA adjustable-rate loan, with a 5.781 percent APR. An adjustable loan like that holds its rate for the first five years and can change after that. The page gave no end date, and terms change often. Do not treat it as a promise, and make sure you understand what happens in year six.

Why does the rate matter so much? Say you buy a $375,000 home with 20 percent down, so you borrow $300,000. At 7.18 percent, principal and interest come to about $2,032 a month. At 6.18 percent, it is about $1,834. That is about $198 a month. These are our own estimates to show the idea. Taxes, insurance and HOA dues would be on top.

Now try it with a real starting price. Landings at Sandstone starts at $391,990. With 20 percent down, you would borrow $313,592. At 7.18 percent, principal and interest come to about $2,124 a month, before upgrades, a lot premium, taxes, insurance and association fees. That is why it helps to price the home you would actually buy, not the one in the ad.

New homes also cost more than resale homes on average, so compare carefully. The median new single-family detached home closed at $574,975 in September. The median existing single-family home was $470,000 that same month, according to Las Vegas REALTORS. That is a gap of about $105,000 by our math. Part of it comes from size, age and location, so it is not a straight comparison.

First-time buyers should look closely at townhomes. The median new attached home closed at $370,000 in September, down 5 percent from a year ago. Attached homes also made up a record 26.5 percent of new-home sales in 2025, according to the Review-Journal. Builders are building more of what buyers can afford.

Resale sellers feel this too. New communities compete with existing homes for the same buyers. Southern Nevada had nearly six months of resale supply in October, and 8,112 single-family homes were listed without an offer. If a builder nearby is offering a lower rate, a resale seller may need to think about matching some of that help.

Background: How Builders Got Here

This slowdown did not start this fall. Closings through September were down 20 percent from 2025, and 2025 was already down 20 percent from the year before. The August report was rough too. Builders signed 502 net sales that month, down 31 percent. Permits fell 31 percent to 448.

Permits are a good way to see what builders expect, since a permit is a step toward building a home. In September, builders pulled 585 new-home permits, nearly the same as a year earlier. The longer view is weaker. A UNLV report covered by the Review-Journal found that Southern Nevada residential permits fell 35 percent in the first half of the year, the largest drop among the 55 biggest U.S. metro areas.

So why open giant communities now? Timing is a big part of it. Land deals and city approvals for a project this size come long before the first home goes on sale, and a community of 1,500 or 3,000 homes can take many years to sell out. A builder that opens during a slow stretch gets its models, streets and parks in place, and it is ready if buyers come back.

Prices also tell you builders are selling to a smaller group of buyers. In August, the median new-home closing price hit a record $552,990. Only 16 percent of new-home closings in September were all cash, and the average loan was $497,841. Most buyers are financing, which is why a high rate hits so hard.

One builder is still pulling far ahead of the rest. Lennar was the top seller in September with 108 net sales, and it was the only builder above 100. DR Horton's Heartland Trails was the top-selling single community, with 24 sales.

What Happens Next

More large projects are lined up. Lennar plans more than 1,000 homes at The Foundry in downtown Las Vegas, on the former Grant Sawyer and Cashman Center sites. Vertical construction is expected to start in October 2027. KB has also said it expected to open Vertice at Skye Summit, in the northwest valley, for sale in early 2027. Tri Pointe has started work on Agave Ridge, a gated community in Summerlin's La Madre Peaks village.

At the same time, some older neighborhoods are winding down. In September, the Review-Journal reported that 10 Summerlin neighborhoods had fewer than 20 homes left, and that builders often offer incentives near closeout. If you like a mostly finished neighborhood, the last few homes are worth asking about.

It helps to see where the choices are. In North Las Vegas, shoppers can look at Sandstone and Serenity. In Henderson and Lake Las Vegas, there is Aries, Westlight and the Beazer homes with solar. In Summerlin, Cactus Bloom and Reflection Ridge are new, and Agave Ridge is on the way. Not every part of the valley is getting the same amount of new supply, so where you want to live may decide how many options you really have.

Three things are worth watching over the next few months. First, the Home Builders Research report for October, which should show whether the weekly sales pace stayed near its low. Second, mortgage rates, which have eased for three straight weeks from a peak of about 7.4 percent in early October. Third, the new-home median. If it starts to fall, builders may be moving from incentives to real price cuts.

Nobody knows when the recovery that builders are waiting for will come. A big drop in rates could bring buyers back quickly. Rates that stay above 7 percent could mean more incentives and a longer wait. Plan around your own budget and timeline, not a guess.

Ryan's Take

When builders keep opening communities in a slow market, buyers get choices they did not have a few years ago. In the numbers, I see a market where sticker prices are holding up and the real negotiation has moved to the financing. So I would not start by asking a builder how much it will take off the price. I would ask what the monthly payment looks like with its best current offer, then compare that with a resale home in the same area.

I would also be careful with the starting price. A "from" price is the base home on a standard lot. Upgrades, lot premiums and HOA dues can add up fast. And the new communities are spread across the valley, from Tule Springs to Henderson to Summerlin, so commute and daily life should weigh as much as the floor plan. Remember that the builder's sales team works for the builder. You can bring your own agent, but usually only if that agent is with you or registered on your first visit, so check the builder's policy before you walk in.

What You Can Do

If you are shopping new construction, make a short list of two or three communities and ask each sales office the same questions. What is the total price with the upgrades I want and my lot? What is the HOA? What incentive is available today, and when does it end? Do I have to use the builder's lender to get it? Then get a quote from an outside lender, so you can compare both offers.

If you are looking at a rate offer, find out what kind it is. A permanent buydown lowers the rate for the life of the loan. A temporary buydown lowers it for a year or two. An adjustable rate can change after the first few years. These can look similar in an ad and work very differently over time.

If you need to move soon, ask about quick move-in homes. These are homes already built or nearly done. Cadence in Henderson recently promoted quick move-in homes that can close in as little as 60 days. A to-be-built home can take much longer, so match the home to your timeline.

If you are selling a resale home near new construction, walk the closest model homes and see what they offer. A buyer looking at your home has probably seen them too. A fair price and some help with closing costs can go a long way.

Have questions about how this affects your home or neighborhood? Reach out to Ryan Rose or text/call 702-747-5921 anytime. Ryan Rose | Real Broker, LLC | ryan@rosehomeslv.com | rosehomeslv.com

Sources

Las Vegas Review-Journal (RJNewHomes.Vegas), "Las Vegas homebuilders announce new projects", Buck Wargo, Nov. 7, 2026

KB Home, "KB Home Opens Sandstone, a New Master-Planned Community of Over 1,500 Homes in a Prime North Las Vegas Location", Sept. 4, 2026

KB Home, Landings at Sandstone at Tule Springs community page, along with the Reserves, Meadows and Gardens pages

Las Vegas Review-Journal, "PulteGroup opens 1,100-acre community Aries at former mining site in Henderson"

Las Vegas Review-Journal (RJNewHomes.Vegas), "Lennar ranked as top September seller", Buck Wargo, Oct. 30, 2026

Las Vegas Review-Journal, "Las Vegas' home construction market keeps hitting the brakes", Eli Segall, Oct. 29, 2026

Las Vegas Review-Journal (RJNewHomes.Vegas), "Homebuilders add 14 new projects in July"

Las Vegas Review-Journal (RJNewHomes.Vegas), "Townhomes help address affordable housing"

Las Vegas Review-Journal, "Las Vegas sees nation's biggest drop in homebuilding permits", Oct. 21, 2026

Las Vegas Review-Journal, "New project with 1,000-plus homes to be built in downtown Las Vegas", Oct. 15, 2026

Las Vegas Review-Journal, "KB Home to build 299 houses in new Las Vegas community after buying land for $46M"

Las Vegas Review-Journal, New Homes section feed, for the October and September community items on Cactus Bloom, Westlight, Beazer at Lake Las Vegas, Agave Ridge, Cadence and Summerlin final inventory

FOX5 Vegas, "Las Vegas realtors report fewer homes selling as interest rates rise", Rachel Zalucki, Oct. 6, 2026

FOX5 Vegas, "Report: Las Vegas home sales decline again in October as mortgage rates rise", Rachel Zalucki, Nov. 6, 2026

Freddie Mac, Primary Mortgage Market Survey, weekly 30-year fixed average for Nov. 5, 2026