Market activity for July 2016 was largely unchanged from the prior month.
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.