RENO, Nev. — The number of homes sold across the greater Reno/Sparks region increased significantly in June, according to the Reno/Sparks Association of Realtors, which reported 537 sales — up 32.9% from May, though that figure is still down 6% from June 2019.
Meanwhile, median home prices across Reno-Sparks increased slightly to $407,000 in June, up from the $399,900 mark reported in May. New listings to the market also rose by nearly 8% from May 2020.
Inventory of homes on the market stood at 1.3 months of supply, according to a July 10 press release the detailed findings in RSAR's June market report, which notes that “four to six months represents a balanced supply.”
“Properties are selling very quickly, an average of 40 days between listing and contract,” Erika Lamb, RSAR president, said in a statement. “Inventories of existing homes for sale remain very tight, and the supply of homes on the market declined by 41 percent from May to June alone.”
According to RSAR, with this summer’s mortgage interest rates “at their lowest level in at least 50 years, today’s home buyers in Northern Nevada find they have a once-in-a-lifetime opportunity to buy their dream home at a monthly payment that is surprisingly affordable.”
Key details from the June report are below:
The Reno/Sparks Association of Realtors culls its statistics from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).
For full market insights for June and beyond from RSAR, go to rsar.net/market-reports.
-->RENO, Nev. — The number of homes sold across the greater Reno/Sparks region increased significantly in June, according to the Reno/Sparks Association of Realtors, which reported 537 sales — up 32.9% from May, though that figure is still down 6% from June 2019.
Meanwhile, median home prices across Reno-Sparks increased slightly to $407,000 in June, up from the $399,900 mark reported in May. New listings to the market also rose by nearly 8% from May 2020.
Inventory of homes on the market stood at 1.3 months of supply, according to a July 10 press release the detailed findings in RSAR's June market report, which notes that “four to six months represents a balanced supply.”
“Properties are selling very quickly, an average of 40 days between listing and contract,” Erika Lamb, RSAR president, said in a statement. “Inventories of existing homes for sale remain very tight, and the supply of homes on the market declined by 41 percent from May to June alone.”
According to RSAR, with this summer’s mortgage interest rates “at their lowest level in at least 50 years, today’s home buyers in Northern Nevada find they have a once-in-a-lifetime opportunity to buy their dream home at a monthly payment that is surprisingly affordable.”
Key details from the June report are below:
The Reno/Sparks Association of Realtors culls its statistics from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).
For full market insights for June and beyond from RSAR, go to rsar.net/market-reports.