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| Reno housing market appears to have reached bottom and will stay there for most of 2011 |
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MetroStudy Report - (Reno, NV– August 1, 2011) It appears that the Reno housing marketing will not see a quick rebound in 2011, but more of the same as the market will have reached the “bottom” and will stay at the “bottom” for most of the year, 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. “It is worth noting that the ‘job loss’ figure has improved and 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 rate had dropped below 13% in April and May, but jumped to 13.0% in June. Through 2Q11, annual new home closings were only 426. That’s 65% fewer than in 2Q10. While painful, this pace has been steady; the inventory levels are being kept in check. “Total new housing inventory has also been declining since the peak of 2006 as builders try to rid themselves of standing and under construction inventory,” said Greg Gross. Only 373 new homes were started in the past 12 months compared to 3,700 starts in 2007. With 339 Finished Vacant homes, the Reno housing market has nearly 10 months of supply at the end of 2Q11. The number of Finished Vacant Homes has declined 6% over the past 12 months; these inventories are above the equilibrium level for this size market and remain stagnant. The Reno housing market is not showing real signs of much of a recovery and the 2Q11 is more of the same. “2011 will continue to be a tough year for the surviving builders as there is not much on the horizon that will trigger any significant rebound in the Reno housing market over the next year,” said Greg Gross. For information contact: greg gross @ 916.873.7840 This e-mail address is being protected from spambots. You need JavaScript enabled to view it |
