Reno Housing inventory down to 2.3 months
Posted by David Hughes on Thursday, June 17th, 2010 at 9:53am.
As of the end of April the Reno Sparks area had an inventory of 2.3 months. This means that at the current pace of housing sales we would sell all of the inventory in 2.3 months. Compare that with November of 2008, when we had about 13 months of inventory on the market. A typical buyers market is defined as 8 months of inventory on the market. You do the math. Some people say banks are holding back on releasing foreclosures. If that is true there could be a flood of houses hitting the market. All I know is we have been very busy putting buyers in homes.
Interest rates are unbelievably low. Remember...your home is your home, that is where you hang your hat. Nothing more nothing less.
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