Reno-Sparks Housing Prices Hit All-Time High Again
RENO, Nev. (AP) — Rising housing prices have set a record in the Reno-Sparks area for the fourth time this year.
The Reno-Gazette Journal reports the combined median price for an existing single-family home in the cities of Reno and Sparks reached $389,000 in June.
That's the highest level ever recorded by the Reno/Sparks Association of Realtors.
In February, the Reno-Sparks area broke the 12-year-old record of $365,000 set in January 2006. Since then, it has set new highs in March, June and July.
The new median price record is still lower when the old boom record is adjusted for inflation — $365,000 in 2006 is worth $463,800 today.
But the string of record highs illustrates the challenges of a market faced with a tight housing supply.