Reno Home Prices Are Up 6.5%, But Where Are The Sellers?

<p>I've got the August Reno-Sparks real-estate numbers sitting in front of me today, and I'm going to warn you:</p><p><b>They're weird.</b></p><p>If you've been waiting for the Northern Nevada housing market to collapse so you can finally pick up that $800,000 house for $500,000...</p><p>I've got some bad news.</p><p>The median sales price in August was <b>$625,000.</b></p><p>That's actually <b>6.8% HIGHER than a year ago.</b></p><p>But here's where it gets interesting.</p><p>Closed sales were <b>down 6.7%.</b></p><p>New listings were <b>down 7.4%.</b></p><p>And active inventory was down almost <b>24% from a year ago.</b></p><p>So fewer homes are selling...</p><p>Fewer homeowners are putting their houses on the market...</p><p>There are substantially fewer homes available...</p><p><b>And prices went UP.</b></p><p>So today I've got Cory and Dwight here, and we're going to figure out what the heck is going on.</p><p>Because if you're thinking about buying or selling a house in Northern Nevada, the headline number doesn't tell you nearly enough about this market.”</p>