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What's happening in this local housing market? Help coauthor a quick summary here:
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
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
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
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.
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
$319,900 median sales price
48.6% overvalued
Classification: "Extremely overvalued"
Source: Overvalued Housing Market? Depends Where You Live
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.
Reno Nevada Real Estate- Housing Boom
8/18/06: ‘Correction Is Very Real’ In Reno
8/19/06: Reno housing market continues slowdown, Las Vegas Review-Journal
8/18/06: Housing softens further, Reno Gazette-Journal