The July 2016 Reno Home Sales Report showed a decrease in sales from last year. Experts believe that several months of high sales depleted inventory. The fast moving inventory hasn't kept up with new construction and existing homes coming onto the market. If this doesn't change, sales may level out soon.
July 2016 Reno Home Sales
According to statistics related by the Northern Nevada Regional Multiple Listing Service, a total of 566 single-family homes were sold throughout Washoe County in July 2016. This reportedly dropped 14% from June 2016 and came in 13% less than July 2015. Of those, 376 were July 2016 Reno home sales. This marked a 15% reduction from June 2016 and a 20% downturn from the same time last year.
Prices, on the other hand, rose slightly from last year. The July 2016 Reno Home Sales Report also reported that the median sale price for a Reno home was $329,750. This was similar to the previous month's median price. However, it showed a gain of 9% over July 2015's median sale price. The exact opposite was true of Reno condos and town homes. They experienced a 9% decrease from last year's median sale price (to $155,000). The median sale price in Washoe County came in slightly lower than Reno at $142,450, a 13% decrease from last year.
How July 2016 Reno Home Sales Compare to the Rest of the US
Reno experienced the same decrease that other markets around the country did. The National Association of REALTORS® reported seeing a downturn in sales everywhere but the West region last month. Inventory levels appear to be low in many markets, including Reno. We hear chatter of a possible Fed interest rate increase in mid-September. This may be the start of more increases down the road. If you currently own a Reno home and are considering refinancing it, you should get started now. Contact me for a short list of great mortgage brokers I work with and highly recommend.
Charlene Hamilton, Your Reno Real Estate Specialist
Originally posted on my Reno real estate blog here: http://www.relocationtoreno.com/2016/08/29/july-2016-reno-home-sales/.
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