How does the Reno, Nevada housing market compare nationally?

In October 2023, existing-home sales in the U.S. fell by 4.1%, marking a 14.6% drop from the previous year, as reported by the National Association of REALTORS®. U.S. existing-home sales are now at their lowest level in more than 13 years. Despite this decline, the median existing-home sales price rose by 3.4% year-over-year to $391,800, marking the fourth consecutive month of annual price increases. The inventory of unsold homes slightly increased by 1.8% from September to 1.15 million, equivalent to a 3.6 months’ supply at the current sales pace.

From the NAR report, “Existing-Home Sales Receded 4.1% in October”:

“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun.

“While circumstances for buyers remain tight, home sellers have done well as prices continue to rise year-over-year, including a new all-time high for the month of October,” Yun said. “In fact, a typical homeowner has accumulated more than $100,000 in housing wealth over the past three years.”

How do existing-home sales in the U.S. compare to the Reno, Nevada metro area’s? Let’s take a look at October’s numbers…

Though home sales are down in the Reno Metro area, year-over-year, they are down less than in the U.S. — down 8.0% and 14.6%, respectively. However, on a month-over-month basis, Reno’s declining home sales are greater than the U.S.’s — down 7.7% and 4.1%, respectively. This is largely due to the very low available inventory in the Reno Metro area — down a whopping 32.5% year-over-year.

On a positive note, Reno’s median sales price is up 6.5% year-over-year, while the U.S. median sales price has increase 3.4% over the same period. The nationwide median sale price is now $391,800. Compare that to $575,000 for the Reno Metro area.

Leave a Reply

Your email address will not be published. Required fields are marked *