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| 2011 will not bring a quick rebound in the Reno Housing Market |
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Metrostudy Report - (Reno, NV– May 1, 2011) The Reno Housing Market is not expected to see a quick turnaround in 2011, but more of the same as the market has reached the “bottom” and will continue to stay there throughout 2011, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. Job creation remained elusive through 1Q11. “The total number of employed has remained fairly consistent which may suggest the worse may be over for the time being,” said Greg Gross, director of Metrostudy’s Las Vegas Region. The unemployment population is hovering just above 13%.Through 1Q11, annual home closings were only 475. “While painful, this pace has been steady; the inventory levels are being kept in check,” said Greg Gross. Only 330 new homes were started in the past 12 months, compared to 3,700 starts in 2007. The Reno Housing Market currently has nearly 12 months of supply, with 464 Finished Vacant homes at the end of 1Q11. These inventories are above the equilibrium level for this size market and remain stagnant. Lot absorption has been outpacing lot deliveries for a year. In 1Q11, Reno has ceased single family lot delivery. There is currently 250 months of supply of single family detached home. Therefore, developers have pulled back. “As 2010 demonstrated, the Reno housing market did not show signs of a soon recovery and the first quarter of 2011 is more of the same,” said Greg Gross. “Future projects will be re-evaluated and most will continue to remain on hold.” About Metrostudy Contact: |
