Rising land costs didn't halt home sales in 1999

Despite rising land costs, Las Vegas finished 1999 with 21,216 new home sales. That's a 5 percent increase from 1998, according to Home Builders Research, Inc.

The figures included a surprising 2,151 closings in December, which is usually a slower month.

Dennis Smith, president of Home Builders Research, said he believes new-home sales will soften as mortgate rates approach 9 percent.

"But until then, new contract sales are booming," he said.

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