UNR'S Report on The Reno Real Estate Market

The College of Business at University of Reno Nevada (UNR) produces some of the best reports about the local economy. I've been a fan since 2007 and I hope you would be too. They are brutally honest in their research ("So how has the area’s housing market been doing this year?  Pretty horribly, thanks for asking.") and whether you agree to it or not it is by far the best source of local economic data.  (To Brian Kaiser,  I don't always like you and your reports, but thank-you for always abiding by the truth.  *Hats off*.)

(Read report here: UNR Latest Market Report)

This report is focused on Washoe County Home Sales Data through June 2011.  Reno and Sparks are the major cities under Washoe, but the County's also made up of:

• Cold Springs
• Crystal Bay
• Empire
• Gerlach
• Golden Valley
• Incline Village
• Lemmon Valley
• Mogul
• Nixon
• *Reno
• Spanish Springs
• *Sparks
• Sun Valley
• Sutcliffe
• Verdi
• Wadsworth
• West Reno

*Incorporated cities

Key highlights from the report:

• Sales of new and existing homes are down 3% from last year.

• Median sales price is down 11% from first half of 2010.

• New single family home sales dropped 30%, but...

• ...Median sales price actually posted a 10% increase compared to last year

(*This is for new home sales. Kind of wierd, huh?)

• Washoe County is on pace to close barely 400 new home sales in 2011, which is by far the worse sales rate seen in decades.

(*Note: this is for new homes.  This is actually not surprising as housing starts and building permits in Reno and Sparks have fallen since 2006.)

• "Home foreclosures are up in 2011, but the leading indicators — Notices of Default and Notices of Trustee Sale — have both been trending DOWN this year."

(Read report here: UNR Latest Market Report)

Smile..and never lose hope that in the end you will prevail.