A house goes on sale at Wingfield Springs in August 2021.

Forget flowers. April showers brought another record-breaking performance for the median home price in The Biggest Little City as Reno posted a new high — again.

The median sales price for an existing home in the city of Reno reached $630,000 for the first time in April, according to the Reno/Sparks Association of Realtors. The number is limited to stick-built single-family dwellings and does not include manufactured homes, condominiums or new houses.

Reno’s April median home sales price beat the previous record of $600,000, which was first set in January and then equaled in March, by 5%. It also represents a year-over-year increase of more than $100,000. The median price in Reno back in April of last year was $505,000.

The new high brought up the combined median home price for Reno-Sparks to record levels as well. The median sales price for an existing home in the overall Reno-Sparks market was $595,000, breaking the previous record of $575,000 set in the previous month of March.

The question now is whether Reno’s sharp uptick in median home price will be sustained for the rest of 2022. The Federal Reserve raised interest by half a percentage point last Wednesday, its biggest hike in more than two decades, to combat rampant inflation. Higher interest rates increase the cost of borrowing, which tends to reduce activity for things such as mortgages.


Source link