Existing Home Sales: Numbers Post Increase

The Reno/Sparks Association of Realtors has again reported an increase in the numbers of sales of existing homes. This increase corresponds with a drop in median prices.  416 existing homes were reported sold in April, a 14 % increase over March.  During the same period, the median price dropped by 6 % to $187,500.

Approximately 50% of these sales were foreclosures which continues to create downward pressure on prices.

an effect of this activity is that the Sparks area has now reduced its inventory to about 8 months, a level last seen in July 2007.

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