The Reno/Sparks Association of REALTORS (RSAR) has released their May 2022 report on existing home sales in the area.
According to RSAR, the median price of an existing home rose to $615,000, up 23 percent from a year ago.
While sales activity were down 5 percent from last year’s levels, new listings were up around 18 percent from a year ago.
“Higher mortgage rates are causing buyers to take a step back from trying to purchase a home,” said Sarah Scattini, President of the Reno/Sparks Association of REALTORS. “While mortgages are on the rise, we’re seeing an influx in homes being put on the market due to sellers wanting to take advantage of the red hot housing market before a potential cool down, so inventory is growing more rapidly.”
RSAR provided a more in depth breakdown for different areas in May 2022:
Reno/Sparks: Median sales price for an existing single-family residence was $615,000. This is 23 percent higher than last year and 4.4 percent higher than April.
Reno, including North Valleys: Median sales price for existing single-family residence was $630,000. This is 14.5 percent higher than last year and the same as April.
Sparks, including Spanish Springs: Median sales price for an existing single-family residence was $570,000. This is 25.7 percent higher than last year and 3.6 percent higher than April.
Fernley: Median sales price for an existing single-family home was $419,950. This is 19.1 percent higher than last year and 9.1 percent higher than April.
