Rob Sabo

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May 28, 2012
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Tight inventories help boost prices

A dwindling supply of residential resale properties is pushing up prices and should lead to a new wave of residential construction, Reno-Sparks residential brokers say but they expect the upturn in residential development will be different from the frenzied days of the mid-2000s.The Reno-Sparks area had a 4.6-month supply of inventory in April, says Amy Lessinger, broker/owner of RE/MAX Realty Affiliates. The National Association of Realtors regards a balanced market as having a six-month supply. "We are trending into a seller's market," Lessinger says.This isn't the same story as 2005, though, Lessinger cautions. First, the sub-prime lending that led to …

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Northern Nevada Business Weekly Updated May 28, 2012 12:00AM Published May 28, 2012 12:00AM Copyright 2012 Northern Nevada Business Weekly. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.