Reno-Sparks Housing Market to Hit Bottom in...

I am constantly asked by clients when I feel the Reno housing market will hit bottom.  This is not an easy question to answer with any degree of certainty.  Thankfully CNNMoney.com has made things much easier for me.  According to CNNMoney.com the Reno-Sparks market is forecasted to hit bottom in the first quarter of 2009.  Furthermore, the CNNMoney.com report indicates our market is projected to witness a decline in the median existing single-family house price 22.4% from the peak median home price to the bottom. 

Those of you who have been following my monthly medians table know that Reno’s median home sale prices peaked in July 2005 at $345,000.  Lopping off 22.4% yields a projected median home sale price of $267,720.  If CNNMoney.com’s projections are correct then we’ve got a ways to go.  August’s median sale price was $295,000.  These figures indicate that Reno-Sparks home prices will decline another 9% from current levels.