The Reno/Sparks Association of REALTORS® has released its real estate market report for July 2014. The report can be accessed by clicking on the chart below.
Commentary from July’s report:
- The acceleration in median price has slowed in comparison to the rapid increase that occurred in 2012 and early 2013. July 2014 median price remained level with the prior month and was up 16% compared to July 2013. We see this increase in year over year pricing easing. This is evident in that the year over year price increase July 2012 to July 2013 was 30%. The market is still 31.5% off the peak from January 2006. The slowing in the acceleration of median price is a positive trend particularly for the Washoe County Median income household.
- July 2014 sales are at 520 down 8% compared to June and down 12% compared to July 2013. History shows us that the Reno/Sparks Market can absorb in the range of 500 sales per month.
- New listings are up from the prior month, but inventory levels in the $100,000 -$300,000 price range have less than 4 month’s supply.
- July pending sales were up 15% at 440 compared to 382 in June 2014. Pending sales are a leading indicator of future closed transactions.
- Buyer demand and low inventory keep the Reno and Fernley in a Seller’s market. Reno has 4.2 Month’s Supply of Inventory and Fernley has 4.5 Month’s Supply.
- NAR Chief Economist Lawrence Yun had this comment on the real estate market, “Price increases have been a double-edged sword; it’s been very good for owners or recent buyers because they’re immediately getting equity, but it has not been good news in terms of affordability for potential buyers.”
related post: RSAR Monthly Market Report – June 2014