Reno – a Phoenix in Nevada

Posted in Reno Market | Posted on 08-22-2014 | Written by Metrostudy News

  • Annual new home starts are up 43% YoY, Quarterly starts are up 35% YoY
  • Start activity has shifted to higher price ranges; starts below $300k have dropped dramatically
  • Average base price for new homes stands at $361k, up almost 10% from one year ago

August 2014: Metrostudy’s 2Q14 survey of the Reno housing market showed that while growth in the Reno job market has cooled somewhat, annual new home starts and closings continue to rise. Annual new home starts through 2Q14 were 1,387, up 43% over 2Q13. Annual starts are an indicator of future new home closings, and annual closings are 1,407, 67% more than one year ago. Increased demand continues to drive builders to start new homes. Quarterly new home starts were 35% higher than in 2Q13.

Our average “offer to build” base price for new homes in active projects INCREASED to $361K, up nearly 10% from one year ago. This is good news for home sellers that have been faced with negative equity. The average price has increased steadily since 2012 and now, builders are pricing their product to the competing resale and foreclosure market which are both improved.

“Start activity has shifted over last year into the price ranges above $300K as builders adjust pricing to offset increased land and construction costs,” said Greg Gross, Director of Metrostudy’s Northern California and Nevada division.  “This quarter we are seeing starts fall substantially in the range below $300K. Lot costs are also increasing as lot supply dwindles. Affordability remains a concern as home prices are rapidly increasing. Last year, 64% of all new home starts were under $300k; this year 36% were priced below $300k.”

PRICE DISTRIBUTION OF QUARTERLY STARTS

Reno price range

With 139 Finished Vacant Single Family homes, the market has less than 1.2-months of supply at current absorption pace. The number of Finished Vacant Homes is at the lowest level since Metrostudy began tracking the Reno market in 2006; these inventories are actually below the equilibrium level for this size market. Finished Vacant Homes make up 18% of total housing inventory which is considered a healthy level.

“Single family lot delivery has virtually ceased in the Reno market, but with lot absorption outpacing lot deliveries for nearly four years, lot Inventory continues to shrink,” said Gross. “The greater Reno market has 5,103 Finished and Vacant single family lots which equates to less than 4-years of supply, based on current start pace. Only 3 years ago we had 14 YEARS of lot supply!”

There are only about 800 lots various stages of development now; as we are beginning to see some projects begin to show signs of life.

As 2014 is half over, it is clear that the Reno housing market demonstrated signs of stabilization. Builder confidence in the market continues to strengthen as the market is at 2008 levels. The new normal will be steady absorptions, increased construction costs and a tightened labor supply.

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

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide. Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. www.metrostudy.com

About Hanley Wood

Hanley Wood is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

Housing starts up strong, with some stand-out markets

Posted in Atlanta Condo Market, Charlotte Market, Inland Empire Market, Naples - Ft. Myers Market, Nashville Market, National Housing Market, Reno Market, Rio Grande Valley Market, Sarasota - Bradenton Market, Southern California Market, St. George - Mesquite Market | Posted on 08-19-2014 | Written by Brad Hunter

See Top 10 Markets for New Residential  Construction Here 

brad hHousing starts numbers out today surprised many observers with its strength (+15.7%), but we find it to have been in line with our actual counts, released earlier this month. As we predicted, last month’s Census estimate was revised upward, and now the numbers are back in line with the trends revealed by the Metrostudy roll-ups.

The last release of housing starts data from the Census Bureau caused undue alarm about a collapse of activity in the South.  The Census release had shown a 29.6% decline for total starts in the South, but as we pointed out at the time, this exaggerated the weakness in the south. As a matter of fact Metrostudy’s research shows that several markets in the south are up, both based on prior quarter results, and year ago. Raleigh was down 5% versus a year ago, but Charlotte, Atlanta, Texas, and South Florida showed increases.

Metrostudy’s data show that some of the most “beaten-down” markets are now doing better.  In Las Vegas, for example, housing starts were up 16% from 1st quarter 2014 to 2nd quarter 2014, and Phoenix showed a 12.3% increase quarter-on-quarter (though it is still down sharply year-on-year). Housing starts in Chicago were up 87% quarter-on-quarter, and up 30% year-on-year.  Naples Florida showed double-digit gains, both quarterly and annually.

Some significant trends were evident in Metrostudy’s data in California. Housing starts in the Riverside area rose 48.5% quarter on quarter, and are up 14% year-on-year.

We are seeing an increase in lot development in Riverside as lot shortages around the I-15 Corridor have intensified. The Inland Empire is developing its own economy, with 3% job growth, meaning that is it is no longer just a bedroom community for L.A.

Housing starts in Northern California rose 92% in the second quarter compared with the previous quarter, and are up 19% year-on-year. Starts there are at a record high since the boom. Contra Costa and Alameda County had particularly strong increases.

Also see, Brad Hunter discuss the promising increases in the Residential Remodeling Index and New Residential Construction this month on Bloomberg TV.

 

Reno 2013; New Home Market at Four Year High

Posted in Reno Market | Posted on 02-20-2014 | Written by Metrostudy News

(Reno, NV – February 20, 2014) As 2013 came to close, data suggests the Reno new home market will continue to remain steady. However, there are signs that indicate that a “cooling off” period may occur during 2014, 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.

Annual new home starts through 4Q13 were 1,201. That’s an increase of 84% over 4Q12. Annual starts are an indicator of future new home closings, and annual closings are 1,069, which is 61% more than one year ago.Increased demand continues to drive builders to start new homes. Quarterly new home starts were 46% higher than in 4Q12.

With 167 finished vacant single family homes, the market has 2.0-months of supply at current absorption pace. The number of finished vacant homes is about the same as 4Q12; these inventories are finally at the equilibrium level for this size market. Finished Vacant Homes make up 22% of total housing inventory which is considered a healthy level.

“The Reno market has virtually ceased single family lot delivery, but with lot absorption outpacing lot deliveries for more than three years, lot Inventory is shrinking,” said Greg Gross, Regional Director of Metrostudy’s Reno market.

The greater Reno market has 5,324 finished and vacant single family lots which equates to 53.9 – months of supply or less than 5-years, based on current start pace. Only 2 years ago we had 16 years of lot supply. Washoe County has 2,763 VDL; 31-months of supply. Now is the time to begin planning for future growth. There are 1,736 lots various stages of development now; as we are beginning to see some projects begin to show signs of life.

“As 2013 ended, it is clear that the Reno housing market demonstrated signs of stabilization even though a few recovery indicators are weak. Like much of the country, the effects of recession are long lasting. In typical Real Estate terms, projects in the “A” locations will begin to outperform those in less desirable locations,” said Gross.

“Metrostudy expects demand to remain steady with a possibility of a slight decline in 2014. Tightening lending standards, lower FHA limits, rising home prices and interest rates and the expected increase in resale homes entering the market, are all factors which may cause new home buyers to rethink their home-buying decisions during 2014,” said Gross.

About Metrostudy

Metrostudy is the leading provider of primary and secondary market information to the housing and related industries nationwide. Metrostudy provides research, data, analytics and consulting services to help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day. For more information, visit www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier information, media, event, and strategic marketing services company serving the residential, commercial design and construction industries. Utilizing the largest editorial- and analytics-driven construction market database, the company produces powerful market data and insights; award-winning publications, newsletters and websites; marquee trade shows and executive events; and strategic marketing solutions. To learn more, visit hanleywood.com.

The Reno market continues to improve in the second quarter of 2013

Posted in Reno Market | Posted on 07-25-2013 | Written by Metrostudy News

(Reno, NV – July 25, 2013) Halfway through 2013, it appears that the remainder of the year will bring more encouraging news and signs suggest the Reno new home market will continue to improve, 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.

Annual job growth has struggled to post significant improvement through 2012. Better news is that the total number of people employed remained flat suggesting that while growth has stalled; jobs are not being lost for the time being. The unemployed population rose slightly to 9.8% which is typical for the season,” said Greg Gross, Regional Director of Metrostudy’s Reno market.

Annual new home starts through 2Q13 were 1,039. That is an increase of 118% over 2Q12. Annual starts are an indicator of future new home closings, and annual closings are 873, which is 54% more than one year ago. “Increased demand continues to drive builders to start new homes,” said Gross.  Quarterly new home starts were 224% higher than in 2Q12.

With 150 finished vacant single-family homes, the market has 2.2-months of supply at current absorption pace. The number of finished vacant homes has decreased 20% over the past 12 months; these inventories are finally at the equilibrium level for this size market. Finished vacant homes make up 20% of total housing inventory which is considered a healthy level.

The Reno market has virtually ceased single-family lot delivery, but with lot absorption outpacing lot deliveries for more than three years, lot inventory is shrinking. The greater Reno market has 5,971 finished and vacant single-family lots, which equates to 69-months of supply or less than 6-years, based on current start pace. “Only 2 years ago we had 16 YEARS of lot supply,” said Gross. There are 1,647 lots various stages of development now; as we are beginning to see some projects begin to show signs of life.

“As we have reached the halfway point in 2013, it is clear that the Reno housing market is demonstrating signs of stabilization and even a few recovery indicators. Like much of the country, the effects are long lasting. Future projects are beginning to be re-evaluated and while most will continue to remain on hold, existing lot transactions will increase as builders begin to see somewhat greater interest and higher demand in over the next year. In typical Real Estate terms, projects in the “A” locations will begin to outperform those in less desirable locations. Detailed sub-market analysis is critical to the building industry future in Reno,” said Gross.

For information contact:
greg gross @ 702.739.5855
email ggross@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

The Reno market maintains strength in 2013

Posted in Reno Market | Posted on 05-08-2013 | Written by Metrostudy News

(Reno, NV – May 8, 2013) As we begin 2013, it is clear that the Reno housing market demonstrated signs of stabilization and even a few recovery indicators, 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.

In February, 3,000 jobs have been created. The total number of people employed has increased nearly 2% over the past 12 months, which may suggest the worse may be over for the time being. “The Leisure sector has realized job loss during this quarter which isn’t a sector that generally produces as many home buyers to the extent that Construction, Education/Health, Trades and Business Services tend to do. Job growth appeared in only four of the 12 employment sectors. It is worth noting that those sectors with losses were doing so at a very low rate,” said Greg Gross, regional director of Metrostudy’s Reno, Las Vegas and Northern/Central California markets. The unemployed population increased to 10.1%; the last time the unemployment rate in Reno was under 9% was December 2008.

Annual new home closings through 1Q13 were 627. That’s 4% fewer than in 1Q12. While that may sound like bad news, it’s partially due to the fact that inventory continues to shrink. “Annual starts are an indicator of future new home closings, and annual starts are 685, which is 46% more than one year ago. Increased demand continues to drive builders to start new homes,” said Gross. Quarterly new home starts were 55% higher than in 1Q12.

With 194 finished vacant single family homes, the market has 4.3-months of supply at current absorption pace. The number of finished vacant homes has decreased 2% over the past 12 months; these inventories remain slightly above the equilibrium level for this size market. “Though improving, ideally we would like to see about 2 months of finished supply; However when considering the immediate Reno/Sparks area there are only 1.5 months of finished supply.  Most of the standing finished homes are outside of Reno,” said Gross. Finished vacant homes make up 31% of total housing inventory which is considered a healthy level.

The Reno market has virtually ceased single family lot delivery, but with lot absorption outpacing lot deliveries for more than three years, lot Inventory is shrinking. The greater Reno market has 5,676 finished and vacant single family lots which equates to 103-months of supply or about 8 years, based on current start pace. Washoe County has 3,000 VDL; 57- months of supply. “Developers have pulled back, and 2012 ended with a net decrease in lot inventory; again the immediate Reno/Sparks area lot supply is at 58 months.  Builders are beginning to acquire lots within Reno at a much faster pace.” said Gross. There are 1,801 lots various stages of development now; as we are beginning to see some projects begin to show signs of life.

“Future projects are beginning to be re-evaluated and while most will continue to remain on hold, existing lot transactions will increase as builders begin to see somewhat greater interest and higher demand in over the next year. 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 not wide spread, but builders will see less competition from foreclosure and resale properties as these supplies begin to recede. 2013 will continue to be slow by historical standards, but is on track to continue the rebound. A thorough understanding of competitive framework, buyer segmentation and conducting crucial strategic planning will be vital for success, “said Gross.

For information contact:
greg gross @ 702.739.5855
email ggross@metrostudy.com

About Metrostudy

Metrostudy, a Hanley Wood company, is the leading provider of primary and secondary market information to the housing and related industries nationwide.  Established in 1975 in Houston, Metrostudy provides research, data, analytics and consulting services that help builders, developers, lenders, suppliers, retailers, utilities and others make investment and business decisions every day.  www.metrostudy.com

About Hanley Wood

Hanley Wood, LLC is the premier media, event, information and strategic marketing services company serving the residential, commercial design and construction industries. Through its operating platforms, the company produces award-winning digital and print publications, Newsletters, websites, marquee trade shows and events, Market Intelligence data and strategic marketing solutions. The company also is North America’s leading publisher of home plans.

Reno housing market stronger in 2012

Posted in Reno Market | Posted on 02-20-2013 | Written by Metrostudy News

(Reno, NV–February  20, 2013) 2013 will continue to be slow by historical standards, but is on track to continue the rebound. A thorough understanding of competitive framework, buyer segmentation and conducting crucial strategic planning will be vital for success, 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.

Annual job growth has struggled to post significant improvement through 2012; however, in December, 2,700 jobs were created. “Better news is that the total number of people employed has increased nearly 5% since January, which may suggest the worse may be over for the time being,” said Greg Gross, director of Metrostudy’s Reno Region.  The unemployed population has dropped to 11.5%; the last time the unemployment rate in Reno was under 9% was December 2008.

Through 4Q12, annual new home closings were 544. That is 16% fewer than in 4Q11. “While that may sound like bad news, it’s partially due to the fact that inventory continues to shrink,” said Gross. Annual starts are an indicator of future new home closings, and annual starts are 616, which is 37% more than one year ago. Increased demand continues to drive builders to start new homes. Quarterly new home starts were 71% higher than in 4Q11.

With 177 finished vacant single family homes, the market has 4-months of supply at current absorption pace. The number of finished vacant homes has decreased 4% over the past 12 months; these inventories remain above the equilibrium level for this size market. “Though improving, ideally we would like to see about 3 months of finished supply. Finished vacant homes make up 30% of total housing inventory which is considered a healthy level,” said Gross.

“As 2012 came to a close, it is clear that the Reno housing market demonstrated signs of stabilization and even a few recovery indicators. Like much of the country, the effects are long lasting. Future projects are beginning to be re-evaluated and while most will continue to remain on hold, existing lot transactions will increase as builders begin to see somewhat greater interest and higher demand in over the next year. In typical Real Estate terms, projects in the “A” locations will begin to outperform those in less desirable locations. Detailed sub-market analysis is critical to the building industry future in Reno,” said Gross.

For information contact:
greg gross @ 702.739.5855
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 housing market gains momentum in 3Q12

Posted in National Housing Market, Reno Market | Posted on 10-29-2012 | Written by Metrostudy News

(Reno, NV–October 29, 2012) Now that 2012 is quickly coming to an end, and it appears that the balance of the year will bring more of the same uncertainty, yet signs continue to suggest the Reno new home market continues to improve, 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.

Annual job growth has struggled to post significant improvement through 2012; through September, adding 1,100 jobs over a year ago. “Better news is that the total number of people employed has increased nearly 3% since January, which may suggest the worse may be over for the time being. However, the total number employed is the lowest it’s been in more than a decade,” said Greg Gross, director of Metrostudy’s Reno Region.

Through 3Q12, annual new home closings were 537, 11% fewer than in 3Q11. “While that may sound like bad news, it’s partially due to the fact that inventory continues to shrink” said Gross. Annual starts are 544, which is 27% more than one year ago. Increased demand continues to drive builders to start new homes. Quarterly new home starts were 79% higher than in 3Q11.

With 186 Finished Vacant Single Family homes, the 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 above the equilibrium level for this size market. “Finished Vacant Homes make up 31% of total housing inventory,” said Gross.

“As we enter the final months of 2012, it is clear that the Reno housing market demonstrated signs of stabilization and even a few recovery indicators. Like much of the country, the effects are long lasting. Future projects are beginning to be re-evaluated and while most will continue to remain on hold, existing lot transactions will increase as builders begin to see somewhat greater interest and higher demand in over the next year,” said Gross.

For information contact:
greg gross @ 702.739.5855
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 housing market shows signs of stabilization in 2Q12

Posted in In The News, Reno Market | Posted on 07-24-2012 | Written by Metrostudy News

(Reno, NV–July 24, 2012) As 2012 begins, the Reno housing market demonstrated signs of stabilization and even a few recovery indicators, 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.

Annual job loss continued through June, loosing 600 jobs over a year ago. It is worth noting that job growth has occurred in four of the past 12 months and the overall rate of loss has slowed significantly. “The total number of employed has increased 2% since January, which may suggest the worse may be over for the time being,” said Greg Gross, director of Metrostudy’s Reno Region.

Through 2Q12, annual new home closings were 516, 14% fewer than in 2Q11. “While
that may sound like bad news, it’s partially due to the fact that inventory continues to shrink” said Gross. Only 442 new homes were started in the past 12 months, this compares to the 3,500 starts in 2007. However quarterly new home starts during the second quarter were 16% higher than in 1Q12.

With 204 Finished Vacant homes, the market has 5-months of supply at current absorption pace. The number of finished vacant homes has decreased 17% over the past 12 months. These inventories remain above 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. 2011 ended up in a better overall market than when it began and 2012 will likely end even better as well. Like much of the country, the effects are long lasting. Future projects are beginning to be re-evaluated and while most will continue to remain on hold, existing lot transactions will increase as builders begin to see somewhat greater interest and slightly higher demand over the next year. In typical Real Estate terms, projects in the “A” locations will begin to outperform those in less desirable locations. Detailed sub-market analysis is critical to the building industry future in
Reno,” said Gross.

For information contact:
greg gross @ 702.739.5855
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.

1Q12 shows signs of stabilization for Reno housing market

Posted in Reno Market | Posted on 04-30-2012 | Written by Metrostudy News

(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 housing market shows signs of stabilization at the end of 2011

Posted in Reno Market | Posted on 01-25-2012 | Written by Metrostudy News

(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.