Reno median home prices set new record, Spark homes follow
Aug. 09, 2017
RENO, Nev. (AP) — Reno median home prices continue to climb, with Sparks homes trailing closely.
The median prices for an existing single-family Reno home reached $387,250 in July, surpassing the $380,000 record set in January 2006, according to the latest numbers from the Reno/Sparks Association of Realtors. Those numbers do not include townhomes, condominiums, manufactured and modular properties.
The July price represents an 8 percent increase from June and is 17 percent higher than in July 2016, the Reno Gazette-Journal reported (http://on.rgj.com/2vQ1Yvt). The newspaper obtained the numbers from the association as part of data request made earlier this year.
The association's numbers put the median price for a single-family house in Sparks at $315,000, a 5 percent increase from prices in June and 2016, but still under its median price record of $335,000 set on July 2005.
The combined median price for the greater Reno-Sparks came out to $357,500, just 2 percent under the $365,000 record set in January 2006. As it stands, Reno/Sparks Association of Realtors President John Graham predicts the area could be on track to surpass that mark this year.
Prices for starter homes in the Reno-Sparks used to start from $250,000 and under, according to Graham. Starter homes are now about $300,000, making it tougher for new home buyers.
He sees the prices as an opportunity for the move-up buyer market, which took a heavy toll during the recession.
"If you're still $50,000 down on your home, then you're not looking for the next place up that costs more money," he said. "People can at least have thoughts now that it could be possible to move up."
Information from: Reno Gazette-Journal, http://www.rgj.com