RSAR Monthly Market Report for Reno-Sparks, Nevada – June 2018

The Reno/Sparks Association of REALTORS^® (RSAR) has released its Reno-Sparks Market Report for the month of June 2018.

From June’s report…

“The lack of inventory has been the primary driving factor for increasing prices,” said Doug McIntyre, 2018 RSAR President. “Other indicators in the market are strong. Lending practices are sound, FICO scores are holding, there’s just no inventory and that continues to drive pricing and frustrate buyers.”

• The June median price at $385,000 is up 3% from May and up 16% from a year ago.
• June unit sales at 572 are down less than 1% from May and down 24% compared to June 2017.
• June new listings are down 4% at 754 compared to May and down 11% 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.

Click on the graph below to see the entire RSAR market report for June…

Related post: RSAR Monthly Market Report for Reno-Sparks, Nev. – March 2018