Reno Real Estate Logic

Just reported by the Center for Regional Studies at the University of Nevada, existing housing sales are up in Washoe County 16.8 percent year-over-year. Mostly in the pre-forclosure and foreclosure markets which we know will continue to be the target for buyers but it’s still good news. This is one of the first quarters that resales trumped new homes sales which actually slid back 20%.

We need to get these properties sold, occupied and rehabilitated to protect our neighborhoods and communities. From July to September there have been 1,046 homes sold, a 4.8 percent gain over the last quarter. New home sales totalled 296 units, down 20% but still I think a sale is a sale is good news.

September numbers were good too, for re-sales, up 9.4 percent from August and a marvelous 39.9 percent from last September. New home sales were down 40.2 percent for September and 54.1 percent since last year.

The balance is needed, less new homes being built on speculation stabilizes the market and here we are beginning to see the benefit.  I think it’s a state of the nation these days where people are searching for security and because of this mind set we are seeing a shift from the new burgs to the traditional hoods. People want to have a old fashioned neighborhood with porches, trees and sidewalks that they can stroll without worrying about heavy traffic, commercial businesses and sirens. People are looking for a place to call home that reminds them of their original beginnings.