The Reno/Sparks Association of REALTORS® (RSAR) has released its Reno-Sparks Market Report for November 2018.
From November’s report…
“The trend in rising median price is slowing which can be attributable to the winter season and the increase in interest rates as the Federal Reserve adjusts for inflation,” said Doug McIntyre, 2018 RSAR President. “All indicators point to a correction in the market as opposed to a real estate bubble.”
- The November median price at $377,000 is down 2% from October and up 7% from a year ago.
- November unit sales at 444 are down 5% from October and down 17% compared to November 2017.
- November new listings are down 17% at 469 compared to October and up 20% from one year ago.
- The Reno market is a seller’s market, at 3 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales.
Click on the graph below to see the entire RSAR market report for November…