The September 2015 Reno Home Sale Market Report showed that it continues to be a Seller's market. That is because there is a 3.4 month inventory supply available. Reno Buyers will be happy to note that the median price was slightly lower than August. However, it is up almost 20% from September 2014. For your convenience, you will find a breakdown of the September 2015 Reno Home Sale Market Report below.
September 2015 Reno Home Sale Market Report
According to the Reno/Sparks Association of REALTORS®, there were a total of 560 Reno area homes sold in September 2015. This was 7% higher than the previous month and 10% higher than last year. That makes this the highest September totals since 2003.
The median sale price for a Reno area home came in at $285,000 in September 2015. That was 19% higher than the same time last year. This has contributed to the affordability concern. Only 92 of the new September listings (less than 15% of the total listings) were less than $200,000. New listings in September 2015 were down 21% from the previous month. However, they were 10% higher than last year.
The price per square foot has increased from $141.77 in September 2014 to $163.02 in September 2015. This is 1.4% lower than August 2015. And it is slightly lower than the $164 reported in July 2015.
The September 2015 Reno Home Sale Market Report also noted that the double digit month-over-month increases in the median price have begun to taper off in the last 13 months. The Federal Reserve's decision to avoid a rate increase in September has actually helped qualified Buyers. The Federal Reserve is expected to convene again this week to decide if they will go forward with increasing rates. If that happens, mortgage rates will also rise. However, the prediction of over 5% that many financial analysts were expecting by the end of this year does not appear to be a reality. We continue to see rates hovering around 4%.
Will you be purchasing a Reno home soon? Which areas are you most interested in? Please let me know in the comments below or contact me so we can get you started on the search for a new home soon.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real estate blog here: http://charlenehamiltonrealestate.com/reno-home-sales/september-2015-reno-home-sale-market-report.
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