Reno-area real estate: Prices soar, sales drop for mid-year 2018 | nnbusinessview.com

Reno-area real estate: Prices soar, sales drop for mid-year 2018

Reno-Sparks median home price at $374,000; Carson Valley tops $409,000

NNBV staff report

These raw statistics provided by Chase International for Northern Nevada compare the first half of 2018 (left column) to the same timeframe from 2017 (right column).

RENO, Nev. — Halfway through 2018, the number of homes sold in the Reno-Sparks area has fallen 7 percent, while overall dollar volume jumped nine percent, according to statistics released July 5 by Chase International.

Meanwhile, the median price of homes continues to climb, up 15 percent year-over-year from the first half of 2017 to $374,000. Reno also saw an 81 percent increase in homes sold for more than $1 million.

The figures compare all MLS home sales from Jan. 1, 2018, through June 30, 2018, to the same timeframe of 2017.

In Reno-Sparks, according to Chase, the median price for a single-family home for the first half of 2018 was $374,000. Total sales volume in 2018 so far was at $1.342 billion, while it was at $1.233 billion a year ago.

This is despite the fact number of homes worth less than $1 million sold in 2018 (2,921) was fewer than a year ago (3,208).

Meanwhile, the median price of a home in Carson Valley rose 16 percent to $409,900. Homes sold for more than $1 million in Carson Valley jumped 63 percent. Carson Valley saw a 10 percent decline in units sold with a 6 percent uptick in volume sold. The decline in units sold is a nationwide trend.

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According to the National Association of Realtors, the pending home sales index is down 2.2 percent on an annual basis. Lawrence Yun, chief economist for NAR, says this year's spring buying season will be remembered as one of "unmet expectations," with pending home sales at the second lowest level in the past year. He notes inventory shortage is the main culprit.

"Realtors in most of the country continue to describe their markets as highly competitive and fast-moving, but without enough new and existing inventory for sale, activity has essentially stalled," said Yun, according to a press release provided by Chase International.