Reno-Sparks home prices continue to climb

Reno-Sparks home prices continue to climb (MGN Online)

Two months ago, the median home price in Reno-Sparks was the highest in nearly a decade.

According to realtors, the prices are continuing to climb.

According to the Reno/Sparks Association of Realtors' monthly report, the median home price in Reno-Sparks in April was $323,695 -- 2 percent more expensive than March's near decade-high of $320,000.

In all, homes were 10 percent more expensive compared to 2016.

Realtors say the market continues to be a "seller's market" because there is only roughly two months of housing inventory. This, realtors say, is "the time it would take to exhaust the active inventory at the current rate of sales."

Sales, though, are down 5 percent and new listing inventory is down 31 percent.

Realtors, however, anticipate a bump in sales in the coming months.

“As we head into May, June and July which are historically our peak listing months, we are optimistic that the pace of new listings will increase,” said John Graham, 2017 RSAR President. “The Reno market remains a seller’s market and we anticipate that lasting through the end of the year.”

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