Washoe Co. median home price dips to $372,000 in August; Reno at $396,000 | nnbusinessview.com

Washoe Co. median home price dips to $372,000 in August; Reno at $396,000

NNBV staff report

This graph from the Reno/Sparks Association of Realtors shows the trend of median home prices in Washoe County over the past several months.

RENO, Nev. — Washoe County's median home price for August 2018 came in at $372,551, representing a 4 percent decrease from July of this year ($389,000) and a 6 percent increase from the same month in 2017.

In Reno, meanwhile, the median price was $396,250 for August, down 1 percent from last month and up 9 percent from a year ago.

These statistics and others were included in a recently released report from the Reno/Sparks Association of Realtors (RSAR) for August home sales in Washoe County. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service (www.nnrmls.com).

"During the month of August, there were 778 new listings," said Doug McIntyre, 2018 RSAR President and Realtor with Reno Property Management, said in a statement. "Since January of this year, active inventory levels have been trending up and reached a 21-month high in August. Month's Supply of Inventory also reached a 16-month high at 2.4 months. The increasing levels in inventory should take some of the stress off median price."

Below is a breakdown of highlights included in this month's report:

• Washoe County had 542 sales of existing single-family homes, a decrease of 23 percent from August 2017 and a 4 percent decrease from one month ago. All sales numbers are for existing "stick built single family dwellings" and do not include condominium, townhome, manufactured, modular or newly constructed homes. The median sales price of existing condos/townhomes in Washoe County in August 2018 was $215,000, an 8 percent increase from a year ago.

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• Reno (including North Valleys) had 372 sales of existing single family homes, a decrease of 25 percent from last year and a 2 percent decrease from the previous month. The existing condo/townhome median sales price for August in Reno was $220,000, a 9 percent increase from last year.

• Sparks (including Spanish Springs) experienced 170 sales of existing single family homes in August, a 19 percent decrease from August 2017 and an 8 percent decrease from the previous month. Median sales price for an existing single family residence in August was $355,000, an 8 percent increase from last year and a decrease of 2 percent from July. The existing condo/townhome median sales price for August 2018 in Sparks was $207,950, a 25 percent increase from last year.

• Fernley saw 54 sales of existing single family homes, a decrease of 14 percent from August 2017 and a 2 percent increase from the previous month. Median sales price for an existing single family residence in August was $253,000, a 6 percent increase from August 2017 and less than 1 percent increase from last month.

Go to http://www.rsar.net/news for more information and to view the full August report.