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Reno-Sparks Home Sales Up 17% from April 2011

Posted: 1:15 PM May 8, 2012
Reporter: AP

RENO, Nev. (AP) - Home sales in Washoe County dipped slightly from March to April but still posted a double-digit gain over the same period a year ago.

The Reno-Sparks Association of Realtors says the sales of existing single-family homes rose 17 percent from April 2011. The 509 homes sold last month was 5 percent less than the month before.

The median sales price was $152,500. That's up 2 percent from March but down 2 percent for the same period a year ago.

The activity is being fueled by a high volume of bank-owned and short-sale transactions, according to Brian Kaiser, a housing and real estate analyst for the Center for Regional Studies at the University of Nevada, Reno.

Kaiser says the supply of bank-owned homes is diminishing as short-sale listings rise.