May home prices up 23 percent from last year, RSAR report

The median price of an existing home rose to $615,000 in May, a 4.4 percent over last month according to The Reno/Sparks Association of Realtors.
The $615,000 was a 23 percent from a year ago.
New listings totaled 735, an increase of nearly 18.4 percent from a year ago, and the inventory of homes for sale was up 6.3 percent.

“Higher mortgage rates are causing buyers to take a step back from trying to purchase a home,” said Sarah Scattini, President of the Reno/Sparks Association of REALTORS®. “While mortgages are on the rise, we’re seeing an influx in homes being put on the market due to sellers wanting to take advantage of the red hot housing market before a potential cool down, so inventory is growing more rapidly.”
With higher mortgage rates and more homes on the market, those trying to purchase a home are looking at their options wisely. Members of the RSAR are helping these buyers since more people are able to buy a home, who might not have been able to previously.

Reno/Sparks
In May, Reno/Sparks had 517 sales of existing single-family homes, an decrease of 5 percent from last year and a 4.4 percent increase from the previous month.
The median sales price for an existing single-family residence in Reno/Sparks was $615,000, an increase of 23 percent from last year and an 4.4 percent increase the previous month.
The median sales price of an existing condominium/townhome in Reno/Sparks in May was $315,000, an increase of .2 percent from last year.

Reno (including North Valleys)
In May, Reno (including North Valleys) had 373 sales of existing single-family homes, an increase of .5 percent from last year and an increase of 10.4 percent from the previous month.
The median sales price for an existing single-family residence was $630,000, an increase of 14.5 percent from last year and no change from the previous month.
The existing condominium/townhome median sales price in May was $352,500, an increase of 11 percent from last year.

Sparks (including Spanish Springs)
In May, Sparks had 144 sales of existing single-family homes, a decrease of 16.8 percent from last year and a decrease of 8.3 percent from the previous month.
The median sales price for an existing single-family residence was $570,000, an increase of 25.7 percent from last year and increase of 3.6 percent from the previous month.
The existing condominium/townhome median sales price for May was $297,500, an increase of 2.5 percent from last year.

Fernley
In May, Fernley had 52 sales of existing single-family homes, a 6.1 percent increase from last year and a 2 percent increase from the previous month.
The median sales price for an existing single-family residence was $419,950, an increase of 19.1 percent from last year and increase of 9.1 from the previous month.
All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated. 

 

GIVING BACK
The Reno/Sparks Association of REALTORS® is also partnering with the Nevada Youth Empowerment Project (NYEP) by helping raise funds for homeless young women. The public is encouraged to participate in a raffle every month. Tickets are available for 5 tickets for $20 and 1 ticket for $5. June’s raffle prize is a foursome to Red Hawk Golf and Resort, donated by Red Hawk Golf and Resort and Todd Harmon, Golf Event Sales Manager. Drawing will be at the end of the month. To purchase tickets, the public can call 775-823-4028 during regular business hours or email info@rsa.realtor.