Sales slowed in August as
they often do toward the end of the summer, with activity off 22% from the year
before. Standing inventory dropped 8%, pendings dropped by more than 11%, and
August’s median price fell to $285,000. This was quite a drop from the
$314,950 that I pulled for the month of July at the beginning of August. So I went back to double-check
the July median, and it came back this time at $280,725, which was different
from Guy’s $298,498 that he pulled toward the middle of August. My broker has
mentioned that the data in our MLS takes some time to reconcile after a month
closes, which may explain the discrepancies, but it is puzzling, and I will
look into it further. full report
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smarten
Thanks for the updated Diane.
You state that last month “standing inventory dropped 8%, pendings dropped by more than 11%…with activity off 22% from the year before.”
What has happened to all the homes for sale? Do you/Guy have access to single family dwelling rental stats? If as I suspect that’s where all the homes have gone, there’s a glut of rentals out there. Gluts usually result in lower rents [so much for making money on Reno real estate being a landlord] which makes the differences between the cost to rent versus own even greater. And the greater those differences become, the more likely a potential buyer will opt to become a renter.
possrelotoreno
is this a sign that the market again is heading for a dramatic drop? I have heard anecdotally that Toll is offering big rebates out there? What are the people there saying?
NVMojo
We looked at housing rentals in August and opted to just move to http://www.experiencethevintage.com even though it is an apartment. Our pet deposit, cleaning deposit, etc. came to less than $500. plus our first month’s rent. When we looked at homes for rent, most idiots wanted us to come up with about $5,000. in first and last month’s rent, deposits, etc. and almost all of the homes we looked at were in need of cleaning or repairs.
I understand homeowners and their fear of damages from renters, etc. but there is no incentive for me to go into debt to make someone feel safe renting to me.
In the meantime, we move happily into a nice, clean apartment with amenities and wait for housing prices to continue to sink around us.