Reno home sales slowed a bit last month, but average sales prices were up 4.7% and inventory is up as well.
In July, the total number of single family home sales in the greater Reno Sparks area was down 8.9 percent from the month of June, but up 11.9 percent from a year ago.
The median sales price of $291,990 in July, marked a 4.7 percent increase from June and an impressive 16.8 percent increase since July 2014.
There was an increase in the number of homes available for purchase in July, totaling 1,094 for the month compared to 911 for June.
The number of available listings for July highlights a growing trend of available properties dating back to March 2015. Also, the outlook for more new home construction is positive as demand continues to outpace the supply of our region’s constrained inventory.
The month of July average days on market was 79, which is the lowest monthly average over the past 12 months. The monthly average of days on market has been in a steady decrease since January 2015 when it peaked at 126 days on market.