RSAR Monthly Market Report – July 2017

The Reno/Sparks Association of REALTORS^® (RSAR) has released its Market Report for the month of July 2017. Their numbers echo mine from last week.

From July’s report…

“Although we are seeing the typical seasonal drop in pending sales, 2017 year-to-date pending sales are up 10 percent from 2016,” said John Graham, 2017 RSAR President, “If this trend continues through the end of the year, it will be another record year in sales. Buyers, while frustrated by the lack of inventory, are finding and successfully closing transactions with the help of a REALTOR.”

• The July median price at $357,500 was up 5% from June and up 13% from a year ago.
• July unit sales at 627 are down 17% from June and up 4% compared to July 2016. Unit sales in July are the second highest unit sales for the month of July in history.
• July new listings are down 23% at 640 compared to June and down 15% from one year ago
• The Reno market is a seller’s market, at 1.6 months supply of inventory. Months supply of inventory is the time it would take to exhaust the active inventory at the current rate of sales. Effective in March 2017, the Reno/Sparks Association of REALTORS changed its method of calculating Months Supply of Inventory to exclude pending sales.

Click on the graph below to see the entire RSAR market report for July.

Related post: RSAR Monthly Market Report – May 2017