RSAR Monthly Market Report – September 2013

Below please find the Reno-Sparks’ Market Report for September 2013 provided by the Reno/Sparks Association of REALTORS®. [Click on the report below to access.]

Commentary from September’s report:

• “The drop in existing home sales in not unlike the prior seasonal trends we have seen in the fall after school begins,” said Helen Graham, 2013 president of the Reno/Sparks Association of REALTORS. “The drop is also being affected by the fact that new listings are down comparatively. We are also seeing a positive trend in the leveling of median sales prices.”
• After the August historic high unit sales, September experienced a drop of 21%, but was up 5% from September 2012. With a decline in pending sales last month and an increase in interest rates, along with typical seasonal trends, the decline is not unexpected.
• We continue to see a leveling in median sales price after the trending appreciation that had taken place in the prior 16 months. This may be due to the beginning of the seasonal softening of median sales price along with recent increase in interest rates.
• September new listings were down 20.1% from August 2013 and up 5% compared to September 2012. Like median price and unit sales, listing inventory is following the trend of winter lows, summer highs and then a slowing and decline back to the winter lows.
• With declining inventory, a drop in sales, and declining pending sales, we may see the market moving into a balanced position before year end.

related post: RSAR Monthly Market Report – August 2013