Reno/Sparks median home price sets another record high in July | nnbusinessview.com

Reno/Sparks median home price sets another record high in July

NNBV staff report

This market snapshot shows the YOY trend of median price for Washoe County.

RENO, Nev. — Another month, another record high for home prices throughout Reno-Sparks.

According to an Aug. 9 report from the Reno/Sparks Association of Realtors, Washoe County's median price for July 2018 reached $389,000, representing a "record high median price for the Reno/Sparks market," said Doug McIntyre, 2018 RSAR president.

That's a 10 percent increase compared to July 2017, according to RSAR, and a 2 percent increase from last month, June 2018.

"When you factor in pricing with the seasonal trend, I would anticipate that unit sales numbers may not reach 2017 levels," McIntyre added, according to an RSAR press release.

In Reno specifically, meanwhile, the median home price for July was $400,000, a 7 percent increase from July 2017 and no change from last month.

Below is a breakdown of July stats and trends across Northern Nevada, as provided by RSAR.

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RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (http://www.nnrmls.com). Go to visit http://www.rsar.net to learn more and to view the full July report:

• In July, Washoe County had 555 sales of existing single-family homes, a decrease of 17 percent from July 2017 and a 7 percent decrease from one month ago, June 2018. The median sales price of existing condominium/townhomes in Washoe County in July 2018 was $192,000, a 3 percent increase from a year ago.

• In July 2018, Reno (including North Valleys) had 375 sales of existing single-family homes, a decrease of 18 percent from last year and a 14 percent decrease from the previous month. The existing condominium/townhome median sales price for July 2018 in Reno was $201,950, a 7 percent decrease from last year.

• Sparks (including Spanish Springs) experienced 180 sales of existing single-family homes in July 2018, a 12 percent decrease from July 2017 and a 7 percent increase from the previous month. The Sparks median sales price in July 2018 was $364,500, a 13 percent increase from last year in July 2017 and an increase of 0.5 percent from June 2018. The existing condominium/townhome median sales price for July 2018 in Sparks was $186,500, a 21 percent increase from last year.

• The July 2018 report indicated that Fernley had 53 sales of existing single-family homes, a decrease of 9 percent from July 2017 and a 15 percent decrease from the previous month. The median sales price in Fernley was $252,500, a 12 percent increase from July 2017, and no change from last month.

CORRECTION

This story has been updated from a previous version to correctly report the percent decrease in single-family home sales for each market; RSAR initially provided inaccurate statistical data.

The story as it stands now reflects the correct percentages. The NNBV apologizes for the error.