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Reno Sparks Real Estate Market Update for June 2013

Posted by Jeff Sallan on Tuesday, July 23rd, 2013 at 3:59pm.

The Reno Sparks Association of REALTORS has released its Market Update for June, 2013. Below are a few highlights. Click here to view the full report.

In June 2013, 62 percent of the homes sold in our region were priced at or below the $250,000 price.

For the fifth consecutive month, the sold to asking price ratio exceeded 100%. June sold to asking price ratio was
at 100.6% down slightly from May at 101.2%.

New listings in the category of no special conditions were up 73% over June 2012; in the category of Short sales,
listings were down 45% from June 2012, and in the category of bank owned, listings were down 66% from June
2012.

Since the early 1980’s, when interest rates peaked at 18.16%, there has not been an increase in interest rates by
more than two 2 percentage points in a one year period. Comparatively, interest rates have been increasing for the
past five months, but the increases have been modest. According to Freddie Mac, interest rates on a 30-year
fixed mortgage have risen from 3.41% in January 2013 to 4.125% in June 2013. For every $100,000 in dollars
borrowed, a ½% increase in interest rates will up the borrowers’ mortgage payment approximately $30 per month.
This is roughly the equivalent of eight lattes over a one month period. Now may be the time to give up lattes and
look at homeownership.

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