Washoe home sales on the rise, despite dip in prices
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Sales of existing homes in Washoe County were up for the month of October by 5 percent, but the median price was down 4 percent. That's according to new numbers from the Reno Sparks Association of Realtors.
Altogether, more than 500 homes were sold in Washoe in October with a median sales price of about 215,000 dollars. While that's a slide back from September, it marks a 19 percent increase from a year ago.
"We're continuing to see a year-over-year increase in the number of traditional existing home sales, versus short sales or bank owned properties."
Helen Graham is with the Reno Sparks Association of Realtors.
"This is despite a limited inventory and a two week government shutdown and increasing interest rates."
Graham says the total number of sales for this year is tracking slightly higher than 2012. She says low interest rates are encouraging people to buy homes because of the affordability; right now rates are mostly between 4 and 5 percent as compared to previous highs of 6 percent.
Median home prices have stabilized over the past 5 months, and Graham attributes that to seasonal factors, saying that's mostly what they expect this time of year.
She says home prices are improving, but they are still only about 50 percent or less of what they were before the Recession.