Let's take a look at Median Price and Days on Market trends over the past 6 months for single family homes in the greater Reno-Sparks area. At the end of November, the median home price for the Reno-Sparks region stagnated its decline from the summer months remaining about the same as it was in October at $310,000. This price is still 5.6% higher than it was at this time last year which continues a trend of growth in the long run. Strong demand for housing, low mortgage rates and healthy job growth in the region will continue to drive median price up over the long term, especially in the most affordable price ranges.
Local housing inventory and affordability have been main topics of conversation in the real estate industry for much of this year. At the end of December, overall inventory was up 21% year-over-year. While available inventory is up slightly even in the under $300,000 price range, there were just 10 more listings available in December 2016 in this most affordable range. The most notable year over year inventory change occurred between $300,001 - $600,000 where we see a 40% increase in availability. Much of this increased inventory is due to the appreciation in home values during the year. When we look at absorption by price range, we still see a strong seller’s market in homes priced below $6