Foreclosure house sales helped push total home sales in the Reno area in Nevada in November, based on data from the Reno/Sparks Association of Realtors.
Total sales of previously-owned homes, including foreclosure homes, reached 451 units in November in Washoe County, part of the Reno-Sparks metro area. The November sales marked a sharp increase of 70 percent from sales in November 2008, based on the Northern Nevada Regional Multiple Listing Service.
Of the total county sales, Reno had 302 units sold, marking a 61-percent jump from November last year, but down by 24 percent from sales in October.
Total home sales in Washoe County decreased by 18 percent compared to the previous month, but Nevada economists explained that year-over-year changes are better indicators. Kris Layman, president of the realtor association, said that the resale market is strong. He added that home prices only dropped slightly from October, affirming the trend towards stability in the housing sector.
Layman also cited the positive impact of the extension of the federal tax credit for first time buyers and its expansion to accommodate move-up buyers.
The significant percentage of foreclosure house sales in the Reno area however pulled down home prices, driving the median price for previously-owned single-family homes by 20 percent from the median last year and by three percent from October to $175,000.
The median price for townhouses and condos dropped by 12 percent from the median in November last year to $80,000. The median price for condo units dropped by six percent to $77,500.
In nearby Sparks, a total of 145 homes were sold in November, marking a sharp jump of 91 percent from sales in November last year but down by three percent from sales in October. The sales price median was $170,000, marking a three-percent jump from October but a 26-percent decrease from last year. The median for condos decreased by 22 percent from November last year to $76,900.
In Fernley, 49 houses were sold, with the median price dropping by 41 percent from the median last year to $90,000.
Statewide, despite significant decreases in foreclosure activity both from the preceding month and from the same period last year, the pace of foreclosure in Nevada was still the highest in the country in November, with one foreclosure for every 119 residential units in the state. More than 9,200 housing units in Nevada received default and foreclosure notices, with almost 2,400 units already included in foreclosure house sales.
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