Are Reno housing prices ready for a rebound? Some seem to think so and compare Reno to Sacramento. Sacramento, according to this Nevada Appeal article is showing signs of leveling off. Builders are again beginning to acquire building lots in preparation for renewed building.
The Reno market could benefit from California’s budget problems. Businesses and residents could be prospects for migration to Reno to avoid new tax impositions by the CA legislators. One problem with this idea is that Nevada legislators have quickly learned the bad habits of those of our esteemed neighbors and think that higher taxes are the solution to all the worlds woes. The various local governments have joined in with gusto. Nevada may quickly lose some of its low tax appeal.
However, according to this RGJ article, the housing market is still bleak. Distressed properties account for approximately 60 % of the active listings.
House affordability is listed at 78% for the median income residents. compared with 72 for Boise and 70%% for SLC.
The current inventory of new homes is approximately 7 months.