Interest rates make impact on housing market

“Rising mortgage interest rates clearly are beginning to cool the Reno-Sparks market,” said Sarah Scattini, president of the Reno/Sparks Association of Realtors. “We are seeing a return to more normal market conditions after the frenzied activity of recent months.”

“Rising mortgage interest rates clearly are beginning to cool the Reno-Sparks market,” said Sarah Scattini, president of the Reno/Sparks Association of Realtors. “We are seeing a return to more normal market conditions after the frenzied activity of recent months.”

The Reno/Sparks Association of Realtors said earlier this month that the housing market is slowing in Reno/Sparks and Fernley.

The month of June saw closed transactions down 30 percent from a year ago.


The inventory of homes available for purchase — 1,178 — was double last year’s level.


Homes were 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 Reno/Sparks Association of Realtors. “We are seeing a return to more normal market conditions after the frenzied activity of recent months.”


June insights, by market:
Reno/Sparks
In June, 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 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 was $340,000, an increase of 22.3 percent from last year.


Reno (including North Valleys)
Reno 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 was $345,000, an increase of 22.1 percent from last year.


Sparks (including Spanish Springs)
Sparks 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 was $315,000, an increase of 21.2 percent from last year.


Fernley
In June, 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.
All sales numbers are for existing “stick built, single-family dwellings” only and do not include condominiums, townhomes, manufactured, modular or newly constructed homes unless otherwise stated. RSAR obtains its information from the Northern Nevada Regional Multiple Listing Service.
For information, visit rsar.realtor.

Comments

Use the comment form below to begin a discussion about this content.

Sign in to comment