The housing market continues to remain unpredictable, with growth and declines abounding. On the positive side, the number of new home sales increased both over the previous period and the same period last year. This news is tempered by the large amount of remaining housing inventory and the slowdown of sales between December 2011 and January 2012, though some of that may be attributed to seasonality. Single family prices continue their decline, but there is some growth in the condo prices.
It makes sense that the number of notices of default is growing as institutions figure out ways to continue issuing these notices, following the changes in the foreclosure processes. This may also impact REO listings and notices of sale, as fewer notices of default are issued. This does not represent the performance of the real estate sector, but rather the impact of these restrictions.
Commercial data is published on quarterly basis, latest available Fourth Quarter 2011 data was discussed in the previous post.
Overall, January was not a good month for the much anticipated economic recovery for Washoe County. With declines in tourism, general, employment and housing markets, it is difficult to be optimistic about a quick recovery. While some positive indicators exist, including fewer days on the market for residential properties, increasing weekly wage rates, and especially an increase in taxable sales; the overall picture is still bleak.