Distressed property sales accounted for 4% of sales in September. This is down from 7% in 2015, and is the lowest figure since NAR began tracking distressed sales in October 2008 which is a great sign for Reno real estate!
Mortgage interest rates remained well below 4% in September at 3.46%. This prompts existing home sales to stay at a healthy annual pace of 5.47 million. Month-over-month sales were up 3.2%.
Inventory of homes for sale remains below the 6-month supply that is necessary for a normal market, as it fell 2.2% to a 4.5-month supply. The shortage in inventory has contributed to the median home price rising an additional 5.6% to $234,200.
NAR’s Chief Economist, Lawrence Yun had this to say about the lack of inventory:
"Inventory has been extremely tight all year and is unlikely to improve now that the seasonal decline in listings is about to kick in."
There is good news though, as Yun went on to say: "There's hope the leap in sales to first-time buyers can stick through the rest of the year and into next spring. The market fundamentals — primarily consistent job gains and affordable mortgage rates — are there for the steady rise in first-timers needed to finally reverse the decline in the homeownership rate."
Even though Winter is coming, now may be the time to list your home. Buyers are still out there looking for their dream home. Reno real estate is changing all of the time. Marshall Realty’s team of expert real estate agents can help you no matter which season it is. If you are interested in buying a home or selling your house, contact Marshall Realty today at (775) 787-7400. We will look over current market conditions to see if this is the right time for you to make a move!