By Scott Neuffer
Saturday, June 17, 2023
The number of home sales in Carson City dipped in May, but prices held steady, according to data released by Sierra Nevada Realtors.
Last month, Carson City saw 42 sales of existing single-family homes, a 47.5 percent drop from the same month last year but only an 8.7 percent dip from the previous month. April saw 46 sales. The median sales price for an existing single-family home in May was $477,000, the same as the month before and an 8.3 percent drop from the same month last year.
“I would say that we are strong and stable,” SNR Co-President Christie Fernquest told the Appeal. “We’re not looking for any big changes.”
The data comes as inflation appears to be slowing nationwide. On Tuesday, the U.S. Bureau of Labor Statistics reported the Consumer Price Index rose 4 percent the last 12 months ending in May, before seasonal adjustment. This is the smallest 12-month increase since March 2021, according to the department.
Mortgage rates in the Silver State, however, crept up from about 7 percent in May to about 7.5 percent in June, according to data from the U.S. Consumer Financial Protection Bureau. But Fernquest expects mortgage rates to decrease the rest of the year following lower inflation. She said lenders are getting creative with incentives, “stimulating our inventory.”
“The economy in general is leaning toward lower interest rates, slowly,” she said. “Things are looking good, so we’re happy.”
In a press release, SNR highlighted other data for May:
In Washoe County, excluding Incline Village, there were 532 new listings and 408 sales. The median sales price for an existing single-family residence in Washoe County was $544,475, a rise of 2.7 percent from the previous month but down 9.5 percent from last year.
Lyon County had 90 sales of existing single-family homes, an increase of 18.4 percent from the previous month and a decrease of 10 percent from last year. The median sales price for an existing single-family residence was $389,825, an increase of 2.6 percent from the previous month and a dip of 8.3 percent from last year.
Churchill County had 31 sales of existing homes, an increase of 14.8 percent from the previous month and an increase of 34.8 percent from last year. The median sales price for an existing single-family residence was $359,990, an increase of 6.5 percent from the previous month and an increase of 2.9 percent from last year.
Storey County had four home sales, a jump of 33.3 percent from the previous month and a drop of 55.6 percent from last year. The median sales price for an existing single-family residence was $618,000, a decrease of 1.9 percent from the previous year but a rise of 47.5 percent from last month.
Douglas County had 62 existing home sales in May. That number reflects a decrease of 6.1 percent from the previous month and a decrease of 7.5 percent from last year. The median sales price was $530,000 — an increase of 1.9 percent from the previous month yet a 10.5 percent drop from last year.
Fernquest noted more buyers are going to rural counties outside the Reno-Sparks area.
“These areas are allowing buyers, many of them being first-time homebuyers, to purchase a home at a lower median price as well as giving them the ability to choose from a larger pool of homes,” she said in a press release.
For information, visit https://snr.realtor/.
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By Scott Neuffer