Homebuyer activity strong in Reno-Sparks; supply shrinking

RENO, Nev. (AP) — Homebuyer activity remains strong in the Reno-Sparks area, but new listings are down and the active inventory of housing units also is shrinking.

The Reno Gazette Journal reports the median price for an existing single-family home in Reno-Sparks continued to hover close to the $400,000 mark in September.

The Reno/Sparks Association of Realtors says the 561 sales of existing single-family homes was up 22% from September 2018.

But new listings dropped 17% to 543. And the active inventory fell 11% to 1,330.

Strong demand combined with limited supply kept the median price just a shade off the record-high set in July.

Association President Angelica Reyes says despite the slight decline from August, the median price is still 6% higher than last year at this time.

Existing homes that sold in September received nearly 99% of the original asking price.

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Information from: Reno Gazette-Journal, http://www.rgj.com

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