July's numbers represent another strong month of transactions for the Reno-Sparks area, said Kris Layman, 2009 President of Reno/Sparks Association of Realtors. Activity fell off slightly from a month earlier in terms of unit volume but the market continued to show improvement with more than 500 closed transactions-a thirty one percent increase from the same period in 2008. Although median sales price for the overall metro area did slightly fall (less than half of 1 percent) from June to July, this essentially flat price trend raises hopes for an end to the declining prices our market has weathered over the past three years.

SALES

Below is a summary of the July market conditions

July ended the month with 504 sold transactions down 3% from the prior month. Sales were up 31% from the same period last year.

SALES MIX

Bank Owned unit sales were down in July to 206 as compared with 213 in June. Bank Owned sales represent 41% of the sales, the same percentage reported for June.

Short Sales increased from 104 in July up from 102 in June-21% of the mix in July as compared to 20% in June.

No Special Condition (None) sales decreased in July to 157 as compared to 163 in June. Sales reported as No Special Condition represented 31% of the sales, the same percentage reported in June.