4Q 2023 Reno-Sparks Residential Activity Report Now Available 

Fourth quarter new home sales were down 26% year-over-year (100 less homes than 4Q 2022).  Spanish Springs led the 4th quarter with 163 single-family detached sales (57% of all Reno-Sparks sales).

New entitlement activity was quiet, as expected, with only two projects coming before the administrative bodies, both MF product (one is an affordable Reno Housing Authority development).  However, six single-family developments sold their first home in the fourth quarter.

The projected trajectory for mortgage rates in 2024 are in the positive direction (down), but as they say, the last mile is the longest.  The head economist at Realtor.com is predicting a 30-year 6.5% rate by the end of 2024, but after recently teasing the high sixes, there is hope for even lower rates once the Feds cement their confidence this summer.

Brian Bonnenfant
Project Manager
Center for Regional Studies
University of Nevada, Reno
(775) 784-1771

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