During November 2008, the report showed Washoe County had 265 sales of existing single-family homes, an increase of 30 percent from November 2007 and a 24 percent drop from the previous month. Reno had 123 sales of existing single family homes, an increase of 5 percent from last year and a 25 percent decrease from October 2008. Sparks experienced 77 sales of existing single family homes, an increase of 35 percent from November 2007 and a 34 percent increase from the previous month.

"Although sales numbers are up, the existing home market has a deep
hole yet to climb out of," said Wayne Capurro, broker/co-owner of
Capurro and Reid Real Estate and 2008 president of RSAR. "Like
previous months, we continue to see a high level of foreclosures
pouring into the market and the median price has continued to decline.
The benefit of lower median sales price is that we have an affordable
market for buyers and a large selection of homes to choose from.
However, we still need to keep an eye on the high level of
foreclosures as this is still a major concern because of the effect
they have had on the decline in median sales price."

The report listed the median sales price for an existing single family
residence in Washoe County in November 2008 at $220,000, a 27 percent
drop from November 2007 and a 4 percent decrease from the previous
month. In Reno, the month's median sales price for an existing single
family residence was $270,000, a decrease of 22 percent from last year and a slight 1 percent decrease from October 2008. The Sparks' median sales price for an existing single family residence in November 2008 was $228,000, a 14 percent drop from November 2007 and a 6 percent increase from October 2008.

The median sales price of existing condominium/townhomes in Washoe
County in November 2008 was $91,000, down 43 percent from November 2007. The existing condominium/townhome median sales price for November 2008 in Reno was $82,500, down 45 percent from last year, and in Sparks it was $98,500, down 42 percent from November 2007.