In the Reno-Sparks market annual sales have peaked in June for the last 3 years and it appears this June will also be the peak this year. Unit sales of single family homes for June 2018 were 572 units. Down 23.9% from June 2017. July 2018 sales were 555, down 17.4% from June 2017. At the end of July inventory was up slightly, but still below the same month last year. Median price is at $389,000 at the end of July. This is a 10.4% increase over July 2017. If you are considering listing your home now or in the coming months the Shocket Team can help you with pricing strategies as the market cools down into Fall. Reno-SparksRealEstate.com
Some National Highlights:
- According to the National Association of Realtors’ latest Existing Home Sales Report, sales in June were down 2.2% from last year.
- Inventory of homes for sale showed a modest improvement of 0.5% over last year’s figures, but still remains under the 6-month supply needed for a normal market.
- NAR’s Chief Economist Lawrence Yun had this to say: “There continues to be a mismatch since the spring between the growing level of homebuyer demand in most of the country in relation to the actual pace of home sales, which are declining. The root cause is without a doubt the severe housing shortage that is not releasing its grip on the nation’s housing market.”