Home Sales Drop: But Everyone knows Summer’s Over.


October home sales numbers dipped.  The dip was not totally unexpected.  A dip is a very typical occurrence for this time of year.  Summer is the traditional home buying time and some sellers are taking their homes off the market until after the holidays.

Pending sales of homes in the Reno-Sparks metro area dipped in October, with housing insiders forecasting a continued dip in activity throughout the traditionally slow winter season.

Another factor in the “decrease” is that the summertime sales were were inflated due to the federal tax credit now set to expire on Nov 30.  ( It may be extended if congress thinks they can buy enough votes.)  Now with the credit expiring the sales will likely fall below normal because the incentive has disappeared.  Bank loan modifications and short sales are also expected to affect the outcome.

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About rereno

Real estate investor
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