Carson home prices dip in September as market reacts to Fed cut

The median sales price for an existing single-family home in Carson City decreased slightly in September compared to the previous month, according to data released from Sierra Nevada Realtors.

The median home sales price was $534,950, a decrease of 0.5 percent from the previous month and a decrease of 7 percent from the same time the previous year.

Carson City had 59 sales of existing single-family homes in September, which is an 18.1 percent decrease from the previous month but a 1.7 percent increase from last year.

The active inventory in September was 171 homes, a decrease of 11.9 percent from the previous month and a decrease of 7.6 percent from last year.

“This fluctuation in prices and sales reflects changing buyer priorities amid the Fed’s recent interest rate cut. As the market evolves, staying informed and working with a knowledgeable local agent becomes essential for navigating these dynamics effectively,” said SNR President Robert Bartshe.

In September, the Fed cut the federal funds rate by a half-percentage point to the 4.75-5-percent range, which could affect mortgage rates going forward, according to the Associated Press.

Other September numbers from the SNR report:

Churchill County

Churchill County had 12 sales of existing single-family homes, a decrease of 53.8 percent from the previous month and a decrease of 20 percent from last year. The median sales price for an existing single-family residence was $382,250, a decrease of 4.4 percent from the previous month and up 6.2 percent from last year.

Douglas County

Douglas County had 57 sales of existing single-family homes, an increase of 1.8 percent from the previous month and a decrease of 6.6 percent from last year. The median sales price for an existing single-family residence was $720,000, a decrease of 13.8 percent from the previous month and a decrease of 5.2 percent from last year.

Lyon County (Includes stick-built, manufactured and single-family residences)

Lyon County had 112 sales of existing single-family homes and manufactured properties, a decrease of 6.7 percent from the previous month and an increase of 47.4 percent from last year. The median sales price for existing manufactured and single-family residences was $400,000, an increase of 1.5 percent from last month and an increase of 2.8 percent from the previous year.

Storey County

Storey County had two sales of an existing single-family home, with an increase of 100 percent from the previous month and last year. The median sales price for an existing single-family residence was $360,000, a decrease of 26.5 percent from the previous month and a decrease of 4 percent from last year.

Washoe County (Excluding Incline Village)

Washoe County, excluding the area of Incline Village, saw 620 new listings and 496 closed sales. The median sales price for an existing single-family residence in Washoe County was $587,500, a decrease of 3.7 percent from the previous month and an increase of 4.4 percent from last year. The active inventory in September was 1,760, a decrease of 0.5 percent from last month and an increase of 15 percent from last year.