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Reno median home price falls below $600,000 as sales continue to decline

Home for sale in Sparks on July 8, 2021.

Cooling demand is starting to affect Reno’s red-hot housing market. The median sales price of an existing single-family home fell below $600,000 for the first time since February.

The Reno/Sparks Association of Realtors reported a median home price for Reno of $595,000 in July, down from its record median of $635,000 the previous month. The report is limited to stick-built, existing single-family homes and excludes townhomes, condominiums, modular homes and new housing.

More on Accommodation:Among the cities with the highest rate of home price declines, Reno is no. 1

The lower median price follows several months of declining demand for the Reno housing market, which has posted a median home price of $600,000 or more in five of the last six months.

Since February, unit sales of existing homes have failed to beat year-ago numbers for the same period. In July, for example, Renault saw sales of 298 units, about 33% less than the same month last year.

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