County’s median house price hits half-million mark
For the first time, the median price for a single-family house in Nevada County hit the half-million mark.
In addition, Nevada County real estate prices still are rising at a faster rate than in the two big markets that most affect the local market, according to a national research firm. However, the appreciation also appears to be slowing here, the figures indicate.
In April, the median price of the 132 house and condominium sales recorded in the county rose to $500,000, up 11 percent from the median of $450,000 one year earlier, DataQuick Information Systems of La Jolla reported.
The median also shows 11-percent appreciation over the March 2006 median of $474,500.
Meanwhile, median prices continue to hit record levels in the Bay Area ($628,000) and Southern California ($485,000), but appreciation continues in the single digits, DataQuick reported.
In addition, the pace of sales there continues to slow, with the number of homes there sold in April dropping to their lowest level in five years.
Statewide, higher mortgage interest rates appear to be dampening buyer urgency. It is unclear whether the trends portend a lull or a downturn, DataQuick President Marshall Prentice said.
“Many of the fundamentals for housing are at a crossroads: inflation, interest rates, demand, household incomes, prices and whether homes are a good investment compared to other investments,” Prentice said.
Year-over-year appreciation in those two markets has been less than 10 percent in several counties for months. Appreciation in Nevada County continues in the low to mid-teens for the past three months, but also is slowing from the 20-plus percent increases of just three months ago.
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