Summerlin developer sells less land but posts higher average prices
Summerlin’s developer sold far less land to homebuilders but notched much-higher average prices in the first quarter versus last year, when a bulk sale helped create the current seesaw.
Howard Hughes Corp. on Wednesday reported that it sold 37.7 acres of residential land in Summerlin - Las Vegas’ largest master-planned community - in the three months ending March 31 for $26.3 million combined, or $697,000 per acre. In the same period last year, the developer said, it sold 118.1 acres for $42.1 million, or $357,000 per acre.
Builders sold 207 new homes in Summerlin in the first quarter, up 38.9 percent from the same period last year. But the median sales price slipped 2 percent to $550,000.