KB Home has opened the first phase of Sandstone, a nearly 300-acre master plan in North Las Vegas, Nev., that will eventually hold more than 1,500 homes β the largest new-home community the national builder has developed in a decade.
The project matters beyond one metro. It is an unusually large single-community bet from a publicly traded builder at a moment when single-family construction is contracting nationally, and it is priced from the $300,000s in a market where the company’s own regional average selling price is more than $100,000 higher.
KB Home (NYSE: KBH) announced the opening on Sept. 4. Sandstone sits inside the Villages at Tule Springs, at North 5th Street and the Las Vegas Beltway (CC-215).
What KB Home is building at Sandstone
The master plan is divided into four communities. Landings and Reserves, both one- and two-story single-family neighborhoods, are open now with model homes and sales offices. Meadows, a two-story townhome community, and Gardens, a two-story single-family community, are under construction.
Floor plans run up to five bedrooms and five bathrooms. The company said the homes are designed to be ENERGY STAR certified, a standard it said fewer than 12% of new homes nationwide meet.
Sandstone includes more than 12 acres of planned parks and an extensive trail system, plus a new trailhead connecting to Tule Springs Fossil Beds National Monument. Planned amenities include pickleball and basketball courts, horseshoe pits, ramadas, barbecue and picnic areas, playgrounds and a dog park. Homes are zoned to the Clark County School District.
The site is served by the CC-215 beltway and Interstates 11 and 15, linking it to Harry Reid International Airport and to employment centers including Nellis and Creech Air Force Bases. Deer Springs Crossing and Deer Springs Town Center provide nearby retail.
‘The largest new-home community we’ve developed in the past 10 years’
“With Sandstone, we’re bringing more than 1,500 new homes to a beautiful North Las Vegas location,” said Jim McDade, president of KB Home’s Las Vegas division. “As the largest new-home community we’ve developed in the past 10 years and the first phase of an exciting new master plan, Sandstone presents an opportunity for attainable homeownership in a highly desirable setting.”
McDade tied the price positioning to the builder’s sales model. “At KB Home, we focus on creating value through competitive, transparent pricing and giving buyers the ability to personalize their home based on what matters most to them,” he said. “We put them in control, so they’re not paying for features they don’t value or compromising on ones they do.”
Scott Black, mayor pro tem of the City of North Las Vegas, said the project “represents a significant investment in North Las Vegas and our future,” adding that the homes “will help provide more attainable homeownership opportunities for years to come, while creating jobs, supporting local businesses and generating economic activity throughout our city.”
A large bet in a slowing market
Sandstone opens against a softer national backdrop. In its second-quarter results, reported June 23 for the three months ended May 31, KB Home posted total revenues of $1.11 billion and 2,395 homes delivered. Net orders fell 4% year over year to 3,317, and ending backlog slipped 5% to 4,526 homes valued at $2.14 billion.
The company’s Southwest region, which includes Las Vegas, generated 523 net orders worth $228.4 million and delivered 375 homes at an average selling price of $444,300 β well above Sandstone’s advertised entry point. KB Home guided to 10,500 to 11,000 deliveries and $4.90 billion to $5.30 billion in housing revenues for the full year.
Executive Chairman Jeffrey Mezger said the shift back toward the company’s Built to Order model “continued to gain momentum, with these homes representing 73% of our net orders in the quarter.”
Local conditions are mixed. Las Vegas has been among the metros where buyers have gained the most leverage: it ranked among the highest markets for home-purchase cancellations in July, at 18.6%. On the supply side, the valley’s apartment construction pipeline has fallen to a four-year low, leaving for-sale product carrying more of the region’s new housing growth.
What it means
The verified facts are straightforward: a top-10 national builder has opened its biggest community in 10 years, at a price point below its regional average, in a metro where demand has cooled. The attainability framing is KB Home’s and the city’s, not an independent finding.
RealtyWire’s read: a 1,500-home master plan is a multi-year absorption commitment, and the $300,000s entry price is the mechanism for making that math work in a market with rising cancellations. Builders across the industry have said entry-level product is difficult to build profitably; delivering it at scale on land already controlled is one of the few ways to try.
What to watch: KB Home’s next quarterly report, covering the period through August, will be the first read on whether Southwest orders stabilized heading into the fall selling season, and how quickly the Landings and Reserves phases absorb. More housing market coverage follows the national picture.
