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Business and Economy

Housing Costs Up, Listings Down In Reno/Sparks

Housing prices continue to rise in the greater Reno-Sparks market, with new listings and sales of homes down from this time last year.

Reno Public Radio’s Noah Glick reports.

April’s median price for a home in the Reno-Sparks area was more than $323,000, up 10 percent from a year ago.

That’s according to the latest report from the Reno/Sparks Association of Realtors.

Reno Sparks Market Report April 2017 by KUNR Reno Public Radio on Scribd

The organization, which tracks and releases monthly regional housing reports, says April home sales are down 11 percent from last year. Listings are up from last month, but down 21 percent from this time last year. And first quarter listings this year have declined by 31 percent from 2016.

President John Graham says he’s optimistic that the pace of new listings will increase heading into May and June, which are historically busy months. But he adds that he expects Reno to stay a seller’s market through the end of the year.

The report also predicts that housing prices will not decline anytime soon, due to homeowners staying put in their current mortgages with lower interest rates, increasing costs of construction and labor, and tighter lending requirements.

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