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Strong End Of Year Home Sales Predicted For Reno
Reno will likely see some of the strongest home sales activity in the nation over the next 30 days.
A new list of 123 U.S. cities where home buyers are most likely to move in the fourth quarter puts Reno at No. 8.
"It's become quite the housing hotspot over the last few years," said Daren Blomquist with ATTOM Data Solutions.
He said people are most likely to buy in markets with a reasonable supply of homes for sale and jobs. Reno has seen a lot more jobs open up with companies like Tesla, Google and Apple opening up sites.
Blomquist said the average property value of homes potential Reno buyers were looking at was $364,000.
"That is starting to get pretty high," Blomquist said. "But it's a bargain compared to some of the other markets that have some of the good jobs that Reno has been attracting recently."
Markets like San Jose where there's a low inventory of affordable housing.
The new list puts Sacramento at No. 46.
ATTOM Data Solutions' Pre-Mover Housing Index is based on the number of home mortgage applications filed between July and September. Blomquist says Reno's index is up 24 percent from a year ago, while Sacramento's is down 23 percent.
"Unlike Reno, where we're continuing to see that trajectory up from a year ago, we are starting to see some slowing demand from prospective buyers in Sacramento," Blomquist said. "And that may be an indication that more buyers are starting to actually get priced out of the Sacramento market."
The top five metro areas on ATTOM Data Solutions' Third Quarter 2017 Pre-Mover Housing Index are: Colorado Springs, Colorado; Manchester-Nashua, New Hampshire; Chicago, Illinois; Washington D.C.; and Nashville, Tennessee.
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