Home prices bounce back to their yearly highs
The Reno-Sparks real estate market bounced back in August 2023 from the slight pullback seen in July.
The median sales price for homes (SFRs) in August 2023 was $575,000, which is a 0.7% increase over the previous month, as well as a 1.8% increase over the same period last year.
The median sold price per square foot (PPSF) also rose in August 2023 — coming in at $310.98/sq.ft. — a 2.1% increase over July, and a 0.1% increase over the same period last year.
The number of homes sold in August 2023 was 428, which is a 2.3% decrease from the previous month, and a 5.3% decrease from the same period last year. No doubt mortgage interest rates are negatively impacting home sales.
The current available inventory of homes listed and available for purchase is 820, which is a 3.3% increase from this time last month, however a noteworthy 33.9% decrease from the same time last year.
The number of current pending sales is 501, a 1.2% decrease from this time last month, as well as an 18.3% decrease from this time last year. Expect September sales to be week.
August’s months’ supply of inventory (MSI) was 1.9 months of supply, which indicates a seller’s market. This figure is calculated by dividing the available inventory by the number of homes sold last month. A balanced market is generally considered to be between four and six months of supply.
August’s median days on market (DOM) came in at 55 days — an increase of 6 days over July’s median DOM. Year-over-year, August’s DOM is 4 days less than August 2022’s DOM number.
The quartile chart below shows the changes to the 1st, 2nd, and 3rd quartiles of monthly sale prices spanning the most recent 13 months.
This interactive chart allows readers to compare sales price trends within a quartile relative to the trends observed in the other quartiles. For example, as can be seen in the chart above, home sale prices in quartile 3 (the highest-priced houses) climbed 4.3% for the month; while home sale prices in quartile 1 (lowest-priced houses) fell 1.8% in August compared to the previous month.
The median sales price for condo/townhomes in August 2023 was $339,500, which is a 2.9% increase over the previous month, and 3.2% over the same period last year.
In summary, capping off the summer, Reno-Sparks’ real estate market rebounded in August 2023. Median home prices surged to annual highs at $575,000, a 0.7% monthly and 1.8% yearly increase. Meanwhile, median sold price per sq. ft. rose by 2.1% to $310.98. With low inventory, just 1.9 months of supply, the market continues to favor sellers despite a slight dip in sales.
13 Months of SFR Sales Data
The table below contains the past 13 months of data…
|Month Year||# Sold||Median Sold Price||Sold Price per Sq Ft||Median DOM||# of Actives||# of Pendings|
1. The residential housing market data reported on above covers the cities of Reno, Nevada and Sparks, Nevada [NNRMLS Area #100]. Market data includes SFR (Single Family Residence) properties only. Data excludes Condo/Townhouse, Manufactured/Modular properties. Data courtesy of the Northern Nevada Regional MLS – September 8, 2023. Note: This information is deemed reliable, but not guaranteed.
For historical home sale data dating back to 1998 click here.
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