Reno Home Sales Increase

The RGJ reports that pending sales of existing homes jumped significantly in April.

The Reno-Sparks Association of realtors reported that pending sales in April were up 27 percent from February, more than double the pending sales reported in April of a year ago. Total pending sales in Reno-Sparks were at 1,131, an increase from 865 in March and 574 in April of last year.

Some are suggesting that this would indicate that we have reached a bottom and have begun to recover the prices of the past.  However, nearly 80% of these sales are from foreclosures or short sales.  The market is still facing a large number of homes that were financed with questionable loans and are probably “upside down”.  This is expected to have a downward influence on prices until the inventory is reduced.

Further, although we have seen a jump in the number of sales, the prices appear to still be declining.


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Real estate investor
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