Reno Sees Prices Rise but Sales Drop
According to a report by the Northern Nevada Multiple Listing service released this week, the median price for a home in the Reno-Sparks metro area climbed t0 $315,000 during the first three months of 2007. This was up slightly from $314,250 during the fourth quarter of 2006. However, sales were down from 929 in the fourth quarter to 830 which has prompted many to speculate that the Reno-Sparks market has not completely recovered from the downturn in the market that started last year.
Local market watchers expect prices to drop slight in the coming months as there is still a rather large inventory still on the market. The MLS showed that the number of listings for existing single-family homes increased to 3,442 during the first quarter, up from 3,278 in the fourth quarter.
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