Reno-area home sales start to stabilize

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RENO, Nev. (KOLO) - Sales of existing homes in the Reno area were flat in August compared to July while prices dropped 2 percent, the Reno/Sparks Association of Realtors reported Thursday.

Condominium and townhome prices dropped 7 percent from a year, RSAR reported.

The 601 sales of existing single-family homes in Reno and Sparks in August is a 5-percent increase compared to a year ago but a 1-percent decline from July, RSAR said. The median sale price was $399,000, an 8-percent increase compared to a year ago, but a 2-percent decline from July.

Reno’s 420 home sales were an increase of 6 percent from a year ago but were down 3 percent from a month earlier. The median home sales price was $410,000, a 3-percent increase from a year ago but a 2-percent decrease from a month ago.

Sparks, including Spanish Springs, had 181 home sales in August, a 3-percent increase from a year ago and a 7-percent increase from July.
The Sparks median home sales price was $377,500, a 7-percent increase from a year ago and about a 1-percent decrease from July.
Condominiums and townhomes in Reno and Sparks had a median sales price of $209,5000, a 7-percent decline from a year ago, RSAR reported.

In Fernley, there were 45 home sales, a 21-percent decrease from a year ago and an 18-percent decrease from July. The median sales price in August was $265,000, a 5-percent decrease from a year ago and the same as July.

“We are starting to see a pattern of stabilization with very little sales price change between the months of July and August,” Angelica Reyes, 2019 RSAR president and managing broker for The Right Choice Realty said in a statement. “While inventory is up 5 percent from last year, we are still only carrying about 2 months’ supply. We anticipate with the changes to the FHA Condo Guidelines coming in October, that we will see more movement for first time homebuyers in that market place.”

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