July median sales price and other market metrics

Just like this summer’s heat, Reno and Sparks’ housing market continues to be hot, hot, hot. July saw home prices skyrocket more than 5 percent over June’s to bring the median sales price to $357,500. And, as I seem to be restating each month, July’s median sales price establishes another new post-bubble record high. Currently, Reno-Sparks home prices are off just 2.1 percent from the housing bubble high of $365,000 set in 2006.

Year-over-year, July’s median sales price is up 12.6 percent over July 2016’s median of $317,600.

627 houses were sold in July. Though down from June’s all-time record high of 755 units sold, July’s number is up 4.2 percent, year-over-year.

July’s 627 houses sold brings this year’s total units sold to 3,887 — 3.2 percent ahead of the 3,767 total homes sold this time last year.

July’s median sold price per square foot (ppsf) also jumped for the month to $192.13/sq.ft. — a 1.7 percent one-month increase over June’s $189.01/sq.ft. Year-over-year, July’s median sold ppsf is up 10.8 percent.

July’s median days on market (DOM) came in at 57 days — adding a day to June’s median DOM.

Available inventory increased compared to June’s number. Currently there are 1,002 houses listed available for sale. That number represents a increase of 4.0 percent over the 963 houses available for sale this time last month. Year-over-year, however, July 2017’s inventory is is down 30.1 percent.

Pending home sales have pulled back. Currently, there are 1,034 houses pending sale — an 8.3 percent decrease from the 1,127 pending sales this time last month. Year-over-year, current pendings are equal to last year’s.

July sales by type, break out as follows:

• REO sales: 1% – down from June’s 2%
• Short sales: 1% – unchanged from June’s 1%
• Equity sales: 97% – up from June’s 95%

July sales by price band, break out as follows in the table below…

Wow! A whopping 25 homes sold for over $1 million in July! That tops June’s 22 $1M sales. To put these numbers into perspective, in all of 2016, 94 homes sold for over $1M — or an average 7.8 homes per month. Currently, 2017 is averaging 12.4 per month.

July’s median sold price for houses and condos combined was $339,900 — a whopping 6.6 percent one-month increase over June’s median sold price of $319,000 for combined sales of houses and condos.

The table below contains the past 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 – July 5, 2017. Note: This information is deemed reliable, but not guaranteed.

Related post: June median sales price and other market metrics

Click here for historical data back to 1998.