July median sold price, units, DOM, $/sq.ft.

July’s median sold price retracted a bit from June’s number – ending a 5-month-long consecutive streak of rising median sales prices.

• July’s median sales price was $165,888 – down 2.4 percent from June’s median of $170,000. However, July’s median still is up an impressive 23 percent YTD.
• Interestingly, though the median sales price slipped in July, the median sold price per square foot climbed to $94.85/sq.ft – an impressive 3.6 percent increase over June’s median sold ppsf. The median sold ppsf is now up 16.9 percent over the low median ppsf of $81.16 reached in January of this year.
• July saw 497 houses sold – down 3.1 percent from the 513 sold in June, and also down 3.1 percent Y-o-Y.
• As we’ve observed over the past few months, days on market (DOM) continues to decrease. July’s median DOM of 89 day is the lowest we’ve see in twelve months.
• Available inventory has increased a bit – a welcome change in this extremely tight market. Today’s snapshot is showing a 9.6 percent increase in the number of available listed houses over last month. However, given the current rate of sales, the market still has less than a two-month supply.

July sales by type break out as follows:

• REO sales: 15% – down from June’s 21%
• Short sales: 38% – up from June’s 37%
• Equity sales: 45% – up from June’s 41%

Equity sales continue to climb – comprising over 45 percent of July’s sales. When’s the last time we’ve seen that proportion so high?

July sales by price band break out as follows in the table below. 12% of the houses sold in July sold for less than $100,000; 62% sold for less than $200,000; 83% sold for less than $300,000; and 93% sold for less than $400,000.

For those readers who prefer the median sold price for houses and condos combined, July’s 589 sold houses, condos and town homes exhibited a combined median sold price of $155,000 – down 3.1 percent from June’s median of $160,000 for 596 combined sales.

Below are the last 13 months of data:

Note: The medians table above is updated on a monthly basis. The median home price data reported covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Residential data includes Site/Stick Built properties only. Data excludes Condo/Townhouse, Manufactured/Modular and Shared Ownership properties. Data courtesy of the Northern Nevada Regional MLS – August 2012. Note: This information is deemed reliable, but not guaranteed.

Click here for historical data back to 1998.

Related post: June median sold price, units, DOM, $/sq.ft.