RENO, Nev. (AP) - Existing home sales jumped 47 percent in Washoe County last month as foreclosures continued to push prices down.

The median sales price of an existing single-family home dropped 22 percent to $274,000 in Reno in October compared to the same month a year ago, according to a report by the Reno/Sparks Association of Realtors.

That was a 7 percent decline from September, the report said.

"Sales were definitely on the increase driven by steep discounts. There are great opportunities for buyers, but (foreclosures) are driving down the median price," said Wayne Capurro, realtor association president.

"The benefit of a lower median sales price is that it creates an affordable market that is getting potential buyers off the sidelines, where they have been for months, and making purchases," he told the Reno Gazette-Journal.

"However, we still need to keep an eye on the high level of foreclosures, as this is still a concern because of the effect they have had on the continuing decline in median price."

Capurro estimated that more than half of all sales last month were bank-owned homes. He said he expects foreclosures to rise in October after tapering off earlier in the summer.

"It seems like every month they represent a higher percentage of sales," Capurro said. "So if you're an owner-occupied seller, it's still a tough time out there."

The report, based on information from the regional Multiple Listing Service, showed similar trends in Washoe County in the existing condominium/town home market.

October sales countywide jumped 47 percent with a 39 percent drop year over year in the median price to $120,000.

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Information from: Reno Gazette-Journal, http://www.rgj.com

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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