Washoe County homes sales remain flat

RENO (AP) - Washoe County median home prices continue to drop and sales of existing homes remain flat.

The Reno/Sparks Association of Realtors says the median price for an existing home in Washoe County fell in May to $175,000, a

7 percent decline from April and a 33 percent drop from the same month last year.

The 419 residences sold represents a 35 percent increase over May 2008 but is unchanged from last month.

Real estate experts believe the lingering recession and the region's high 11.2 percent unemployment rate are to blame for the down market.

They also say that with a moratorium on foreclosures now expired, the area likely will see an increase in foreclosures which may push prices down further.