(Las Vegas, NV) — New home sales in Las Vegas hit a record low in 2011. Home Builders Research says just under 3900 new homes were sold last year, the lowest since the company began tracking the Vegas market 23 years ago. Analyst Dennis Smith believes 2012 will see better new home sales, but the construction industry is still years away from pre-recession levels. The peak came in 2005, when nearly 39,000 new homes were sold in the Vegas Valley.
Last week, the Greater Las Vegas Association of Realtors released statistics showing a record number of exisiting home were sold in 2011.