(Reno, NV– April 30, 2012) 2011 was a volatile year for the Reno housing market, with many ups and downs, and 2012 will bring more of the same, 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.

The total number of employed has increased nearly 2% since 2011, which may suggest the worst may be over for the time being. “It is worth noting that job growth has occurred for two months and the rate of loss has slowed significantly,” said Greg Gross, director of Metrostudy’s Reno Region.

“Resale inventory levels remain high, with bank-owned and foreclosed homes saturating the market and preventing prices from rising significantly,” said Gross.

Through 1Q12, annual new home closings were 658, 8% more than in 2Q11. “While not too impressive, it’s the first time annual closing have increased since 2Q07,” said Gross. Only 476 new homes were started in the past 12 months compared to 3,500 starts in 2007.

With 206 finished vacant homes, the Reno housing market has 4-months of supply at current absorption pace. The number of finished vacant homes has decreased 19% over the past 12 months. These inventories remain the equilibrium level for this size market and remain somewhat stagnant.

“As 2012 begins, the Reno housing market demonstrated signs of stabilization and even a few recovery indicators,” said Gross. “2012 will continue to be a slow year for the surviving builders as there is not much on the horizon that will trigger any significant rebound in the Reno housing market but the next year will offer new opportunities and increased demand.”

For information contact:
greg gross @ 925.826.3801
email ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(Reno, NV– January 25, 2012) 2011 was a volatile year, but the Reno market is demonstrating signs of continued economic growth, 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.

The total number of employed has increased nearly 2% since July 2011, which may suggest the worst is over for now. “It is worth noting job growth has occurred for each of the past five months and continued to improve through November,” said Greg Gross, director of Metrostudy’s Reno Region.

“Resale inventory levels remain high, with bank-owned and foreclosed homes saturating the market and preventing prices from rising significantly,” said Gross.

Through 2011, annual new home closings were 516, 18% less than in 2010. “Total new housing inventory has also been declining since the peak of 2006 as builders rid themselves of standing and under construction inventory,” said Gross. Only 417 new homes were started in the past 12 months compared to 3,500 starts in 2007.

With 246 finished vacant homes, the Reno housing market has nearly 6 months of supply. The number of finished vacant homes has decreased 22% over the past 12 months. Three months of finished supply is ideal.

“The Reno housing market demonstrated signs of stabilization in 2011 and even a few recovery indicators,” said Gross. “2011 ended up in a better overall market than when the year began. However 2012 will continue to be a slow year for the surviving builders as there is not much on the horizon that will trigger any significant rebound in the Reno housing market.”

For information contact:
Greg Gross @ 925.826.3801
email: ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(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
email ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(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.”

For information contact:
greg gross @ 925.826.3801
email ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(RENO, NV – February 1, 2011) The Reno housing market will not see a quick rebound in 2011, shows 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.

“The Reno housing market will see more of the same trends in 2011 as it did in 2010,” said Greg Gross, director of Metrostudy’s Northern California Region. “The market will have reached the ‘bottom’ and will stay at the ‘bottom’ for most of the year.”

Job creation remained elusive through the fourth quarter, loosing 4,400 more jobs year over year. It is worth noting that the “job loss” figure is improving and the total number of employed has improved slightly since the summer suggesting that the worse may be over for the time being.

Resale inventory levels are at record highs, with bank-owned and foreclosed homes saturating the market and driving prices further down. Tightened lending standards are in place, making it even more difficult for buyers to re-enter the market. The excess new home inventory is slowly declining, as builders remain cautious to start construction

Over-supply of lots along with diminished demand has driven down lot prices and land values. Builders have been hit hard, leading to a rash of bankruptcies among builders with significant land holdings. Appreciation is completely gone and builders will be subject to increasing competition leading to wider use of incentives and discounts for their projects. 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.

As 2010 demonstrated, the Reno housing market did not shown signs of a soon recovery. Like much of the country, the effects are long lasting. Future projects will be re-evaluated and most will continue to remain on hold; existing lots will be listed for sale as builders see little or no demand in the near future.

For information contact:
greg gross @ 916.231.9370
email ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(Reno, NV– November 1, 2010) The Reno housing market is not showing signs of a forthcoming recovery, 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 3Q2010, losing 6,700 more jobs over a year ago. “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 Reno, Nevada Region. “Nonetheless, nearly three years of continual job loss does not bode well for the housing industry.”

3Q2010 brought a slight decrease with 566 annual starts; 0.7% lower than in 3Q09. Annual Closings also continue to slow, to 844, down 35%. “While this downward trend may not seem encouraging, the Reno market is behaving rationally to keep inventory levels manageable,” said Gross.

“As 2010 continues to demonstrate, the Reno housing market has not shown signs of a soon recovery. Buyers have taken a ‘wait and see’ attitude and many have simply lost interest or ability to purchase a home,” said Gross. “2010 and 2011 will continue to be tough years 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. A thorough understanding of competitive framework, buyer segmentation and conducting crucial strategic planning will be vital for success and in some cases, survival.”

For information contact:
greg gross @ 925.826.3801
email ggross@metrostudy.com

About Metrostudy
Metrostudy is the leading provider of primary and secondary market information to the housing industry and related industries nationwide. In addition to providing its own primary housing data for approximately 70% of the United States housing market, the company is recognized for its consulting expertise regarding real estate development, marketing and economic issues, and is a key source of research studies evaluating the marketability of residential and commercial real estate projects. Services are offered through an extensive network of offices located in major metropolitan areas throughout the U.S. For more information, visit www.metrostudy.com.

(Reno, NV– August 1, 2010) The Reno market appears to have hit bottom during 2Q10, 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 U.S. Housing market.

“Buyers in Reno have taken a ‘wait and see’ attitude and many have simply lost interest or ability to purchase a home,” said Greg Gross, director of Metrostudy’s Nevada Region. “Reno is not immune to slowing economic trends and like much of the country, the effects are long lasting.”

The Reno area lost 4,900 jobs over one year ago, and now has experienced nearly three years of job loss. The unemployment level is hovering at 13%. “This doesn’t bode well for the housing industry,” said Gross. “Resale inventory levels are at record highs, with bank-owned and foreclosed homes saturating the market and driving prices further down,” said Gross.
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(Reno, NV – May 6, 2010) Reno’s housing market has reached ‘bottom’ and will likely continue at bottom for 2010, according to a recent report by Metrostudy, a national housing data and consulting firm that conducts a count of 100 percent of all new housing units in subdivisions within the market area each quarter.

”Although job loss is lessening and the worst may be over, more than two years of job losses does not bode well for the Reno housing industry,”  said Greg Gross, director of Metrostudy’s Reno division. In 1Q10, Reno lost 6,300 jobs over 1Q09.

“Other factors keeping the housing market at bottom: record high resale inventory levels, bank-owned and foreclosed homes saturating the market driving prices further down, and tightened lending standards making it difficult for buyers to re-enter the market,” said Gross. The base price for new homes dropped 32% from last year to $235,000, as builders are pricing their product to compete with the resale and foreclosure market.

“However, it’s not all bad news. The Reno market is behaving rationally to keep inventory levels managable,” said Gross. “The excess new home inventory is slowly declining, as builders remain cautious to start construction.” Total new housing inventory has been declining since its peak in 2006. Fewer than 700 new homes were started in 2009 compared to 3,200 in 2007.

Also, Finished Vacant inventory, at 576, is down significantly from the problematic levels of last year, with 37% less than 1Q09 and 61% less Finished Vacant homes than the peak in 2Q07. “These inventories are much closer to the equilibrium level for this size market,” said Gross. And builders are scaling back starts and pricing inventory affordably to help burn it off. Currently 58% of finished inventory is priced under $300,000, with 84% of 1Q10 starts in that price range.

“It appears the market, by definition, has ‘bottomed out’ and will continue to evolve,” said Gross. “Unfortunately there is not much on the horizon that will trigger any significant rebound in the Reno housing market. A thorough understanding of competitive framework, buyer segmentation and conducting crucial strategic planning will be vital for success and in some cases, survival. We continue to advise our clients to prepare for a more competitive market impacting all aspects of the business: sales, production and personnel.”