In my latest podcast I am joined by Elena Boland, Senior Loan Officer with Wholesale Mortgage Services. We discuss the Reno/Sparks market conditions for June 2022 and gives some insider tips to help buyers and sellers navigate the sharp increases in mortgage rates.
The real estate market in Northern Nevada is showing signs of slowing down. While we did hit a record median home price of $615,000 in May, active inventory is trending upwards after several months at record lows. It is important to note that the May sale numbers are about 45-60 days old and do not reflect what is going on in our market now as of June 24, 2022. We expect a decrease in the median home price next month as well as a large increase in active inventory.
In June there has been a significant number of price reductions across the board on the MLS. Elena is predicting interest rates in the 8% range by the end of 2022. We will have her back later this year to see if her prediction comes true.
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