Things are looking up for Nevada real estate–thankfully!–as evidenced by the uptick in building permits, housing starts and median home prices in 2013. Building permits authorize the construction of new structures on a specific lot and housing starts calculate the number of new homes constructed. In 2013, the Reno/Sparks area saw a 60% increase for single-family housing permits and a 601% increase in multi-family housing permits according to the National Home Builders’ Association.
Prices also increased according to the Northern Nevada Regional MLS:
• The fourth-quarter median sales price was $222,000, a 20 percent jump from the October-December period in 2012.
• The December median sales price was $229,500, representing a 23 percent rise from December 2012.
It’s great to see that our community is recovering and that people are realizing the value in home ownership again.