According to the National Association or Realtors®, existing-home sales rose strongly in February reaching the highest level since April 2006. read
In the article the NAR reported the median existing-home prices by region as follows:
• Northeast: $265,900, down 1.4 percent from February 2006
• Midwest: $157,000, down 1.3 percent from February 2006.
• South: $175,900, down 1.3 percent from February 2006.
• West: $337,100, up 2.2 percent from February 2006.
I was surprised to see that the median price in the West had actually increased compared to a year ago. I wanted to see if this was also the case for the Reno/Sparks market. To find out I updated the Median Sold Price table, which I first presented in my February 16th post. The updated table (which many readers have indicated they find very useful) appears below.
The short answer is Reno/Sparks’ February’s median sold price is down 8.1 percent from a year ago. A change from $317,000 (February 2006) to $291,400 (February 2007). I’m not sure what area in the NAR’s West Region is accounting for the median price increase, but it’s certainly not Reno.
| Month | # Homes Sold | Median Sold $ |
|---|---|---|
| February 2007 | 288 | $291,400 |
| January 2007 | 282 | $287,765 |
| December 2006 | 318 | $295,000 |
| November 2006 | 318 | $300,000 |
| October 2006 | 409 | $299,900 |
| September 2006 | 385 | $299,900 |
| August 2006 | 372 | $306,650 |
| July 2006 | 411 | $322,900 |
| June 2006 | 463 | $325,000 |
| May 2006 | 425 | $316,000 |
| April 2006 | 412 | $316,000 |
| March 2006 | 434 | $328,000 |
| February 2006 | 321 | $317,000 |
| January 2006 | 325 | $325,000 |
| December 2005 | 385 | $319,900 |
| November 2005 | 443 | $331,000 |
| October 2005 | 559 | $335,000 |
| September 2005 | 602 | $336,500 |
| August 2005 | 695 | $334,950 |
| July 2005 | 677 | $345,000 |
| June 2005 | 607 | $335,000 |
| May 2005 | 717 | $326,000 |
| April 2005 | 650 | $315,000 |
| March 2005 | 660 | $309,000 |
| February 2005 | 411 | $301,000 |
| January 2005 | 381 | $295,000 |
Data courtesy of NNRMLS March 2007.
Reno Ignoramus
Dear Guy:
If you want to maintain credibility, do not ever, ever again cite the NAR as a source of anything. Unless you are going into comedy.
The NAR exists for one reason, and one reason only. That is to inflate the bank accounts of its legions of dues paying six percenters.
You have a chance to redeem yourself, however. That is to direct readers to the David Lereah Watch blogsite. That site contains the best collection of and commentary upon the disingenous nonsense that has been spewed out by the NAR and its chief “economist” David Lereah for the past 3-4 years.
Guy Johnson
RI,
Your comments are noted. However, I was not so much citing the NAR as a source of info as I was using the article as a lead-in to the more valuable information that I provided in the rest of my post. In the future I’ll choose my lead-in articles more carefully. Thanks for the tip.