The Greater Reno/Sparks Market Report for October 2012 has been released by the Reno/Sparks Association of REALTORS. This month’s report data shows that local sales remain strong despite lower inventory levels. Total 2012 year to date sales regionally are ahead of 2011 by 161 sales. If this trend continues through year’s end, the market will outpace the performance back to 2005. The sales statistics in MLS Area 122, which includes all of Somersett, are also on track to outperform last year with 186 homes sold YTD through Nov 20th, compared with 187 homes sold in all of 2011 (source: Northern Nevada Multiple Listing Service – NNRMLS).

Current residential inventory (not including Pending or Active/Pending) in the Somersett area sits at just 33 available…

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According to the latest from CoreLogic, Nevada ranked third in the nation for single family home price appreciation during the month of September. Including distressed sales, prices were up 11 percent from a year earlier. Excluding distressed sales, prices were up 9.5 percent.

Home prices nationwide, including distressed sales, increased on a year-over-year basis by 5 percent in September 2012 compared to September 2011. This change represents the biggest increase since July 2006 and the seventh consecutive increase in home prices nationally on a year-over-year basis. On a month-over-month basis, including distressed sales, home prices decreased by 0.3 percent in September 2012 compared to August 2012*. The HPI analysis from…

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