July median sales price, units sold, DOM and inventory

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Well, the big news regarding July’s numbers is that the median sold price has fallen for the first time since January. July’s median sold price was $216,000 — representing a 3.4 percent decrease in home prices from June’s median of $223,575. One month does not a trend make, but I also notice the median days on market increased compared to June’s days on market. Could these be the initial signs of a slight cooling of our white hot market of late?

Despite the drop in the median sales price, the median sold price per square foot (ppsf) did not fall. In fact, at $123.40/sq.ft., the median ppsf for July was slightly higher than June’s $123.19/sq.ft.

Median days on market (DOM) came in at 63 days. Although an increase over June’s median DOM of 58 days, this number still represents an extremely fast market.

Inventory climbed again — for the 7th consecutive month. While still a Seller’s market, the 920 currently available (non-pending) houses listed for sale represents a much-needed increase and continued upward trend over the past few months. Our market hasn’t seen inventory in the 900’s since February 2012.

This increase in inventory coupled with strong buyer demand is resulting in more houses being sold. 570 houses sold in July representing a 9.2 percent increase in month-over-month number of sales. July’s number of sales also represents a 10.9 percent increase in year-over-year sales from July 2012. And continuing the trend we’ve seen for the past few months, the majority of these sales have been normal “equity” sales (see the breakout below).

July sales by type break out as follows:

  • REO sales: 7% – unchanged from June’s 7%
  • Short sales: 21% – down from June’s 27%
  • Equity sales: 71% – up from June’s 65%

Equity sales accounted for over 70 percent of the sales for the month of July.

July sales by price band break out as follows in the table below…

sales price ($000’s) units sold cumulative %
0 – 99 16 2.8%
100 – 199 225 42.3%
200 – 299 199 77.2%
300 – 399 64 88.4%
400 – 499 26 93.0%
500 – 599 19 96.3%
600 – 699 10 98.1%
700 – 799 5 98.9%
800 – 899 3 99.5%
900 – 999 1 99.6%
1M+ 2 100%
total 570

For those readers who prefer the median sold price for houses and condos combined, July’s 661 sold houses, condos and town homes exhibited a combined median sold price of $200,000 – Down 5.5 percent from June’s median sold price of $210,500 for 606 combined sales.

The table below contains the past 13 months of data…

Month Year # Sold Median Sold Price Sold Price per Sq Ft Median DOM # of Actives # of Pendings
Jul 2013 570 $216,000 $123.40 63 920 1,455
Jun 2013 522 $223,575 $123.19 58 859 1,527
May 2013 536 $218,500 $119.43 64 756 1,563
Apr 2013 480 $205,375 $112.65 79 579 1,519
Mar 2013 490 $195,000 $108.83 92 502 1,479
Feb 2013 422 $190,100 $105.02 104 474 1,485
Jan 2013 360 $181,300 $102.48 114 465 1,462
Dec 2012 492 $186,500 $102.42 107 539 1,421
Nov 2012 524 $181,000 $99.61 105 640 1,646
Oct 2012 537 $180,000 $97.79 102 728 1,772
Sep 2012 473 $175,000 $98.41 92 836 1,811
Aug 2012 536 $175,500 $98.52 86 882 1,846
Jul 2012 514 $165,000 $94.59 88 832 1,873

Note: The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – August 2013. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: June median sales price, units sold, DOM, and inventory

About Guy Johnson

I am a licensed Nevada REALTOR® living and working in Reno, Nevada. Give me a call at 775-722-4011. My team and I will be happy to assist you with your real estate needs.
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5 Responses to July median sales price, units sold, DOM and inventory

  1. MikeZ says:

    Seems to me that … seeing sale price appreciation over the last 6-12 mos. with no corresponding growth in median household income meant that low interest rates and/or other transient factors were driving the increase in sale prices … and now, with mortgage rates rising and incomes still stagnant, it’s no surprise that price appreciation has reversed.

  2. bob_c says:

    cap rates are starting to not pencil out at these levels….yield can be chased elsewhere with interest rates rising.

  3. Bonanza says:

    “it’s no surprise that price appreciation has reversed.”

    Could it be that there just is more supply on the market (resale and new)?

  4. Twister says:

    So far, rising mortgage rates dont appear to be holding back buyers. In fact, just the opposite is happening with July having the most houses sold over the last 12 months. It could be bringing more sellers out though but as long as the demand is there to keep supply in check, we wont see a downward trend in the median. Also plenty of cash buyers in the market that dont worry about a one or two percent rise in mortgage rates. The recent increase in inventory is probably going to help put us in a leveling off period with prices. I think we’ll see a range of between 205k and 235k for the median through to early 2014.

  5. Pingback: Nevada leads the nation on two key metrics in the latest Corelogic® report | Reno Real Estate Blog

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