Across the city and Spanish Springs, sales of existing single-family homes ticked up 1 percent last month and increased 20 percent from one year ago, according to figures compiled by the Reno/Sparks Association of Realtors (RSAR).
In September, 176 homes sold at a median sales price of $144,475, itself a 10 percent decrease from last year and a 4 percent decrease from the previous month. Inventory levels for Sparks are at 6.2 months, 2 percent higher than one year ago, according to Mitch Argon, an agent with CalNeva Realty.
During the third quarter, 516 single-family homes sold across Sparks and Spanish Springs, an increase of 20 percent from last year and a 4 percent increase from the previous quarter. The Sparks’ median sales price for an existing home in the third quarter of 2011 was $144,950, a decrease of 10 percent from last year and a 2 percent decrease from the second quarter.
“The Reno/Sparks market has had record or near record year-over-year sales for the past 10 months,” said Sherrie Cartinella, current president of RSAR. “We have to go back to September 2003 to find a stronger September sales month. The consistent trend of improved sales month-over-month and year-over-year continues to indicate that savvy buyers see this as an excellent time to buy.”
On Monday, President Obama, appearing in Las Vegas, said he would issue an executive order to allow qualified homeowners to refinance their mortgages regardless of how much their houses have lost in value.
According to a report from Bloomberg Businessweek, “The Federal Housing Finance Agency will enhance the Home Affordable Refinance Program by eliminating some fees, reducing others and waiving some risk for lenders. The agency is lifting the previous limit on aid to homeowners on mortgages no greater than 125 percent of the value of the property.”
Nevada continues to lead the nation in foreclosures, bankruptcies and unemployment.