by My Finer Homes staff
Many cities around the country are demonstrating double digit annual increases in existing home median sales price. In the fourth quarter of 2004, the national median existing home price was $187,500, which represents an 8.8% increase than the previous year, according to a survey by the National Association of Realtors.
Regionally, home prices in the West had the strongest gains, increasing 14% in fourth quarter of 2004. Las Vegas led the nation in existing home price increases with a 47.3% increase.
While Reno’s gains did not approach those of Las Vegas, they were considerably higher than the national average. In the fourth quarter of 2004, the median sales price for existing homes was $286,000 up 25.5% over the same period in 2003. The projected median sale price in the Reno area for the year is only slightly lower, at $284,300.
