Homebuyer Activity Strong In Reno-Sparks; Supply Shrinking
RENO, Nev. (AP) — Homebuyer activity remains strong in the Reno-Sparks area, but new listings are down and the active inventory of housing units also is shrinking.
The Reno Gazette-Journal reports the median price for an existing single-family home in Reno-Sparks continued to hover close to the $400,000 mark in September.
The Reno/Sparks Association of Realtors says the 561 sales of existing single-family homes was up 22% from September 2018.
But new listings dropped 17% to 543. And the active inventory fell 11% to 1,330.
Strong demand combined with limited supply kept the median price just a shade off the record-high set in July.
Association President Angelica Reyes says despite the slight decline from August, the median price is still 6% higher than last year at this time.
Existing homes that sold in September received nearly 99% of the original asking price.