The Reno/Sparks Association of REALTORS® has released its real estate market report for May 2014. The report can be accessed by clicking on the chart below.
Commentary from May’s report:
“May’s unit sales were the third highest for a May in the history of MLS,” said Mark Ashworth, 2014 president of the Reno/Sparks Association of REALTORS. “For people with good jobs and strong credit, today’s real estate market is an attractive one with low mortgage interest rates and continued affordability. However, first-time buyers are struggling to enter the market and don’t always find the home buying process easy. Things like tight credit, limited inventory, higher home prices and rising mortgage interest rates are hindering first-time buyers. Traditionally, first-time buyers are instrumental in housing recoveries because they help existing homeowners sell and move up. Therefore, it’s important to make sure first-time buyers who are able to purchase a home have the opportunity to do so.”
May 2014 median price was up 2.8% to $236,500 compared to $230,000 in April 2014 and up 8.5% compared to $218,000 in May 2013.
related post: RSAR Monthly Market Report – April 2014