The latest National Association of Realtors data shows U.S. existing-home sales edged up 0.8% in May to a pace of 4.03 million—but remain near their slowest for any May since 2009. That sluggish momentum is driven by a familiar combination: mortgage rates hovering in the mid‑6% range and home prices still near record highs around $423K reuters.com+5wsj.com+5apnews.com+5.
Here’s how this directly impacts Northern Nevada:
Fewer Buyers Feeling the Pinch
With financing costs elevated, many potential homebuyers are stepping back. First-time buyers now make up only about 30% of transactions nationally —exactly the profile of Reno and Sparks buyers we’re seeing opting to wait or rent instead of buy.More Homes on the Market
U.S. inventory is up roughly 20% year-over‑year eyeonhousing.org+10wsj.com+10apnews.com+10. That increase is giving Northern Nevada sellers more competition—and demanding sharper pricing strategies on our part.Prices Still High, Sales Still Slow
Although prices are still climbing slowly (1–2%), many buyers aren’t able—or willing—to keep up usbank.com. We’re seeing similar patterns locally: quality homes are still selling well, but not overnight—especially if pricing is above market.
What Smart Buyers Can Do Now
Get fully preapproved with lenders who know Northern Nevada—this gives you clarity before you start touring.
Focus on homes priced correctly, rather than chasing features alone—when prices stay high, value matters most.
Apply strategic negotiation—a well-crafted offer with strong terms can beat a higher—but less secure—bid.
What Sellers Should Expect
Market correctly from day one: Homes listed at realistic prices tend to sell faster—even in slower markets.
Enhance perceived value: Simple updates, compelling listing photos, and clear disclosures can make your home stand out.
Plan for longer sales cycles: Homes may take a bit longer in this environment, so patience and strategy go hand in hand.
Why This Matters in Northern Nevada
Mortgage rates in the 6–7% range and prices near historical highs aren’t unique to Reno or Carson City—these are regional echoes of national trends wsj.com+2apnews.com+2marketwatch.com+2. But how these dynamics play out locally makes all the difference.
That’s where local expertise becomes essential:
We know which neighborhoods attract active buyers at today’s price levels.
We understand Reno’s seasonal shifts, Sparks resale cycles, and what’s moving in Carson City or Minden–Gardnerville.
We guide clients to prep homes, time their listings, and craft offers that align with both data and opportunity.
The Takeaway
Yes, high rates and prices are slowing the market—but slow doesn’t mean stagnant. This is a time for informed decisions, careful guidance, and local nuance. That’s exactly what the Kinney & Renwick Team delivers: smart data, smart strategy, and real clarity in a shifting environment.
If you’re thinking of buying, selling, or just want to understand your options in Northern Nevada right now, let’s connect—and explore the smartest next move.
Robin, Kevin and Sophie
Kinney and Renwick Team
License #'s: S067935 | BS0141620 | S197254
[email protected]
(775) 391‑8402
kinneyandrenwickteam.com
