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May 2017 Reno Sparks Market Report
The May 2017 Reno Sparks Market Report is out.  Inventory levels remain tight, forcing prices up even more.  In fact, Reno home prices hit their second highest level in over a decade.  So did total home sales for the month.  How does this impact Reno Buyers?  Read on to find out.
May 2017 Reno Sparks Market Report*According to the Reno Sparks Association of REALTORS@, total sales of existing homes in the Reno Sparks area came in at 652 units during May 2017.  That was 9% higher than May 2016.  Sales surged 27% more than April 2017.  The only other time monthly sales were higher was back in January 2005 (679).  Reno home sales alone rose 9% from the same time last year.  Meanwhile, Sparks homes showed an 8% increase in the same time period.  Housing inventory decreased even further to 1.4 months available.  This keeps the Reno market well within the Seller's favor.
The average sale price of a Reno Sparks home came in at $335,575.  Reno's median sale price went up 8% from last May to $355,500.  The last time Reno's median sale price was above $355,000 was back in January 2006.  Prices have risen over 10% since the beginning of 2017 ... more

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