July 2016 brings new high median home price.
There was a decrease in new listings for the month of July, and the total number of available listings also dropped by nearly 5% from June. We ended the month with 2,144 homes for sale.
In July, Reno/Sparks area REALTORS sold 566 homes, which was 14% fewer homes sold than in June, and ended a 3-month trend of increased sales activity. Although fewer homes sold when comparing July to June, the 566 homes sold represents the third highest July activity we have had in the past 5 years. January through July unit sales are 37 units ahead of the same period in 2015.
The median sales price in Reno/Sparks set another new milestone in July, at nearly $317,000; a 2% increase over June and a 9% increase over July 2015. The continued rise in median price is being fueled by high demand, low mortgage rates and job growth in the region.
Average Days on Market for homes sold in July increased slightly to 87 days. We have been hovering near the limit of how fast inventory can turn over for the past few months. This slight increase in Days on Market is not indicative of less demand. We expect the Days on Market to remain low for at least a few more months. The fast pace of sales magnifies the need to be pre-qualified for a mortgage prior to starting a home search.