I want to give you a quick update on how our Reno-Sparks housing market performed in August compared to last year. The story here is balance. Things aren't crashing, but they are softening.

This August, we saw 374 closings compared to 386 last year, so sales are off slightly by about 3%.

The median sales price dropped from $610,000 last August to $595,000 this year, a decline of about 4%, so prices are trending a little lower than last year, but not dramatically.

Days-on-market, homes are taking a bit longer to sell.

This tells us buyers have a little more time to make decisions.

The list-to-sales price ratio also shifted:

Only about 30% of homes sold at or above their asking price compared to nearly 40% last year.

Buyers, you have a little more leverage than last year, but well-priced homes are still selling quickly and very close to the final asking price.

The Reno-Sparks market has softened, but it's stable. Sellers need to be strategic, and buyers have a bit more breathing room.

If you want to know how these trends apply to your neighborhood or your home, let's connect.