Reno’s rising home prices showed signs of easing toward the end of the summer, a potential respite for people concerned about affordability in the Biggest Little City.
The median home price for an existing single-family home in August was $325,000, a 3 percent decrease from the previous month, according to the Reno/Sparks Association of Realtors.
It is the second consecutive month that Reno’s median price fell on a monthly basis. The numbers are limited to existing stick-built houses and do not include condominiums and modular homes.
Pricing flattens after surge
Reno’s median price in August is still up 7 percent from the same month last year. Pricing, however, has stayed relatively flat in the last four months following an 11 percent surge in May. Reno’s sharp increase in median home values has been a concern for the area as wages have failed to keep up with the increase in housing prices. Sales in August are also up 10 percent from a year ago, with Reno reporting 383 units sold.
“The median price for single-family residences is up (year-over-year) in August, but has slowed overall from prior years,” said William Process, RSAR president. “The year-over-year price gains have been in single digits in 2016 with the exception of June and July, which are peak selling months.”
Sparks, meanwhile, saw its median home price fall in August to $270,000. The price is down by 10 percent from July and 2 percent from the same period last year. Sparks’ 186 unit sales still up by 6 percent from August of last year. In Fernley, the median price for an existing home in August was $199,000 up 5 percent from July and 21 percent from August 2015. Fernley sales were at 45 units, up 22 percent from the previous month and 32 percent from the same period last year.