During the month of June 2022, the Reno/Sparks Association of REALTORS (RSAR) reported sales activity for the housing market slowing down, with closed transactions down 30 percent from a year ago. There are 1,178 homes available for purchase which was double last year’s level. They also reported homes being on the market a median of only 14 days before they were under contract.
"Rising mortgage interest rates clearly are beginning to cool the Reno-Sparks market," said Sarah Scattini, President of the RSAR. "We are seeing a return to more normal market conditions after the frenzied activity of recent months."
According to their report, the following are the differences they noted in each area:
Reno/Sparks
• In June 2022, Reno/Sparks had 447 sales of existing single-family homes, a decrease of 30.3 percent from last year and a 14.2 percent decrease from the previous month.
• The median sales price for an existing single-family residence in Reno/Sparks was $600,000, an increase of 13.2 percent from last year and a 2.4 percent decrease from the previous month.
• The median sales price of an existing condominium/townhome in Reno/Sparks in June 2022 was $340,000, an increase of 22.3 percent from last year.
Reno (including North Valleys)
• In June 2022, Reno (including North Valleys) had 329 sales of existing single-family homes, a decrease of 28.9 percent from last year and a 12.5 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $635,000, an increase of 15.5 percent from last year and an increase of less than 1 percent from the previous month.
• The existing condominium/townhome median sales price in June 2022 was $345,000, an increase of 22.1 percent from last year.
Sparks (including Spanish Springs)
• In June 2022, Sparks (including Spanish Springs) had 118 sales of existing single-family homes, a decrease of 33.7 percent from last year and an 18.6 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $551,000, an increase of 14.6 percent from last year and a 3.3 percent decrease from the previous month.
• The existing condominium/townhome median sales price for June 2022 was $315,000, an increase of 21.2 percent from last year.
Fernley
• In June 2022, Fernley had 40 sales of existing single-family homes, a 46.7 percent decrease from last year and a 23.1 percent decrease from the previous month.
• The median sales price for an existing single-family residence was $403,750, an increase of 13.7 percent from last year and a 3.9 percent decrease from the previous month.
