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Reno, NV

Page history last edited by PBworks 16 years ago

Market overview

 

Replace the national map below to map falling prices locally and protect homebuyers in overvalued housing markets (see maps of Boston and previous price corrections)

 

 Create your own local map  Publish national map on your site Request wiki access

 

What's happening in this local housing market? Help coauthor a quick summary here:

 

Sales trend:

 

8/18/06: "The once red-hot housing market that has slowed in every month this year. At the same time, sales continued to slide, down 40 percent to 366 homes sold, from July 2005."

Sources: ‘Correction Is Very Real’ In Reno, The Housing Bubble Blog and Housing softens further, Reno Gazette-Journal

 

Price trend:

 

8/18/06: "The median price in July for the Reno metropolitan area fell 5 percent compared with the same month in 2005, according to the University of Nevada, Reno's Bureau of Business & Economic Research report. The median price ...dropped to $335,000 for an existing single-family home in July.

Source: Housing softens further, Reno Gazette-Journal

 

Inventory:

 

8/19/06: "...with an inventory of single-family homes of more than 5,000, the median time a home is on the market has stretched to 75 days, up 39 percent from July 2005. ...the resale market is being pressured by the new homes market, where deep discounts and incentives have become commonplace."

Source: Housing softens further, Reno Gazette-Journal

 

Housing market forecasts:

 

PMI U.S. Market Risk Index: Summer 2006

Reno-Sparks, NV has a 46.8% chance of a decline in home prices over the next two years according to PMI Mortgage Insurance Co., ranking it just below the top 13 markets nationwide that "face a 50% or greater risk" of decline.

 

More recent local predictions:

 

8/18/06: "'The market has already corrected a solid 10 percent, and the market is poised to correct another 10 percent,' said David Morris, broker and 29-year veteran of the Northern Nevada real estate market. 'The market correction is very real and it is going to be very deep.'"

 

"...Morris estimates that the downturn will last about three years. 'Prices are probably going to adjust across the board for the majority of houses a solid 20 percent,' Morris said. 'There will be a few that will adjust by the spring or summer of ‘07 by 30 percent, and a handful that will adjust worse than that.'"

Source: Housing softens further, Reno Gazette-Journal

 

Quarterly market statsitics:

 

Global Insight / National City Crop. Valuation: 2006/Q1

$319,900 median sales price

48.6% overvalued

Classification: "Extremely overvalued"

Source: Overvalued Housing Market? Depends Where You Live

 

Past housing price corrections:

 

Reno has never experienced a major housing price correction before but 66 other metropolitan areas have

http://www.platial.com/realestatecafe/map/7317

US News & World Report: Housing bubble correction could be severe

 

Informal podcast of lessons learned from riding two real estate cycles in the Atlantic City & Philadelphia housing markets.

 

Local bubble blogs:

 

Reno Nevada Real Estate- Housing Boom

 

National bubble blogs:

 

8/18/06:  ‘Correction Is Very Real’ In Reno

 

Recent press:

 

8/19/06:  Reno housing market continues slowdown, Las Vegas Review-Journal

8/18/06:  Housing softens further, Reno Gazette-Journal

 

Ideas for this wiki (your comments are welcome)

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  • Information you'd like to see
  • Best local sources for housing news?
  • Maps you would like to see
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