House prices rise in Nevada

Great news for those of us who have been waiting for our local market to improve. I know my sellers have been quite shocked at the current value of their homes. 

Let's hope this trend carries us through 2015! 

Enjoy this article for information on other markets including California, which have in the past set a standard for our market.

And remember, "referrals are the Life's Blood to my business, please don't keep me a secret!"

Call me  Tayona Tate (775) 762-8355

Home Prices Continue Rising, Sales Steady

RE/MAX Releases National Housing Report on

52 Metro Areas

Following historic seasonal trends, October home sales edged 2.8% lower than September,

but still pushed 2.2% higher than sales in October 2012. Median home prices were 11.9%

above prices seen last October, according to RE/MAX’s National Housing Report released

this week.

According to the report, October becomes the 21st month to experience year-over-year increases in both sales and prices. The median

price of all homes sold in October was $179,950. Inventories of homes for sale were 12.2% lower than the levels in October last year. For the last 29 months in a row, inventories have declined at a slower rate.

“What we’re seeing now are predictable seasonal cycles, which is just another sign that the housing recovery is bringing us back to a more normal market,” said Margaret Kelly, CEO of RE/MAX LLC. “Home sales are expected to slow down during the holidays and winter months

before returning to the next growth cycle in the spring.”

The October inventory drop is half of the annual loss seen as recently as June, according to the RE/MAX report. At the current rate of sales, the number of months required to sell the entire inventory of homes on the market was 4.9. A 6-month supply is recognized as a

balanced market with an equal number of buyers and sellers.

For the most part, normal seasonal trends are responsible for slowing month-to-month changes in home sales, the report stated. Home price increases can be tied directly to a low inventory and strong buyer demand. Of the 52 metro areas surveyed in October, 45 experienced higher sales prices than one year ago. Of those, 19 metro areas reported double-digit increases.

In the month of October, the average number of Days on Market for all homes sold in the 52 surveyed markets was 66. This is one day higher than the average seen in September, but is 16 days lower than the average seen in October 2012. October marks the 17th

consecutive month with an average Days on Market below 90. A low Days on Market average, like 66 seen in October, is the direct result of continued high demand and a reduced inventory of homes for sale.

According to the report, the housing market has been plagued by a low inventory environment, but for 7 consecutive months, inventory has declined at a slower rate than during the same month of the previous year. While not yet adding inventory, the situation is improving. In October, there were 5.1% fewer homes for sale than in September, and 12.2% fewer than in October 2012. At the rate of home sales in October, the Months’ Supply of inventory was 4.9.

According to the report, the highest sales increases were reported in the following metros:

New York, NY +32.6%

Trenton, NJ +32.5%

Anchorage, AK +24.2%

Philadelphia, PA +18.2%

Wilmington, DE +18.1%

Manchester, NH +17.1%

Lowest months’ supplies were listed in these following cities:

San Francisco, CA: 1.4

Denver, CO: 2.3

Los Angeles, CA: 2.4

Orlando, FL: 2.7

Honolulu, HI: 2.8

San Diego, CA: 2.8