The median price of an existing home rose to $595,000 in April, according to the Reno/Sparks Association of Realtors.
The Reno/Sparks Association of Realtors last week released its April 2022 report on existing home sales in Reno/Sparks and Fernley, including median sales price and the number of home sales in the region. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
The median price was up 3.5 percent from a year ago. New listings totaled 734, an increase of nearly 11 percent from a year ago, and the inventory of homes for sale was up 46.6 percent.
“It’s clear that the market is starting to return to more normal levels as the effects of higher mortgage interest rates begin to be felt,” said Sarah Scattini, president of the Reno/Sparks Association of Realtors. “We also are seeing a growing number of homes for sale, which provides greater choice for buyers.”
As mortgage rates climb, home buyers are taking a fresh look at adjustable-rate loans. RSAR members are helping buyers decide whether an adjustable-rate mortgage is right for them.
Reno/Sparks
• In April, Reno/Sparks had 485 sales of existing single-family homes, a decrease of 3.2 percent from last year and a 17.1 percent decrease from the previous month.
• The median sales price for an existing single-family residence in Reno/Sparks was $595,000, an increase of 20.6 percent from last year and a 3.5 percent increase from the previous month.
• The median sales price of an existing condominium/townhome in Reno/Sparks in April 2022 was $335,000, an increase of 23.2 percent from last year.
Reno
• In April, Reno (including North Valleys) had 329 sales of existing single-family homes, a decrease of 22 percent from last year and a 4.6 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $630,000, an increase of 25.9 percent from last year and a 5 percent increase from the previous month.
• The existing condominium/townhome median sales price in April 2022 was $361,000, an increase of 18 percent from last year.
Sparks
• In April, Sparks (including Spanish Springs) had 156 sales of existing single-family homes, a decrease of 4.3 percent from last year and unchanged from the previous month.
• The median sales price for an existing single-family residence was $550,000, an increase of 19.3 percent from last year and unchanged from the previous month.
• The existing condominium/townhome median sales price for April 2022 was $312,500, an increase of 23 percent from last year.
Fernley
• In April, Fernley had 51 sales of existing single-family homes, a 5.6 percent decrease from last year and a 28.2 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $385,000, an increase of 16.7 percent from last year and unchanged 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.
For information, visit https://www.rsar.net/.
