Nevada Housing Market on the Rise

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RENO, Nev. -- It may not seem like it, but there are signs that Nevada's housing market is improving. However, it's not such good news for buyers. A local realtor talks about what you can do if you're on the hunt for houses.

Cary and Denise Strutton started out like many others before the economic downturn.

"Upper middle class, secure, after 6 years of working hard to pay to pay taxes and raising our children..." Cary Strutton, buyer said.

It all changed when he had a heart attack and lost everything. They were forced to start all over. It's been almost a year and they still haven't found a house.

"We're finding that the investors are snapping up homes faster than they hit the market," Strutton said. "It doesn't help the market when you're looking at a month's worth of inventory."

That's because sales are down and the sales prices of homes in Washoe County have increased.

"We're finding that a lot of home owners who were upside down are no longer upside down which is great for the housing market," Mike Perez, Dickson Realty broker and salesman said.

According to realty track the average price of a home in north valleys and Reno is about $189,000 dollars that's 30 percent higher than February of last year. However, the sales of these homes have decreased about 17 percent.

"We're cautiously optimistic right now. The sales number reflecting that prices will continue to rise, and we're hoping that we're gonna see more houses hit the market and moving forward, especially moving into the summer because we could definitely use them," he said.

Perez says it's looking good for our economy. Even though foreclosures have gone up 334 percent, he says it could help the low inventory and high demand for houses.

Nevada has the second highest foreclosure rate in the nation, right behind Florida.

"One thing that buyers struggle with is facing the fact that home prices are still at all time lows," he said. "So even if you're submitting an offer above asking price for example, you're still getting a great value in today's market."

The Struttons fear that at this rate, they're going to be priced out, but they are still hopefully in finding their last home.

"when you find a house that's available you have to move on it, move on it now or else you will lose it," Strutton said.