Home sales continue decline in county | TheUnion.com

Home sales continue decline in county

Median real estate prices in Nevada County continued to decline in July, according to figures released Thursday by DataQuick Information Systems.

The median price for all houses and condominiums that had sales recorded in July was $295,000, down nearly 8 percent from the countywide median of $320,000 a year before, DataQuick reported.

In July, 112 sales were recorded, down from 160 sales recorded in June.

The most residences sold were in Grass Valley, with 43 recorded; the median in the county’s economic hub was $265,000, down 4 percent from a median of $276,000 in July 2009, DataQuick reported.

Sales of bank-owned properties and short sales – where properties are sold for less than the value of the loan – have been dragging down prices locally, realty agents have said.

In Truckee, where 33 residences sold in July, the median rose to $425,000, up more than 8 percent from the median of $392,500 in July 2009. Western county Realtors note Truckee prices skew the overall county median.

Statewide, the volume of sales also has dropped – 20 percent from June and 22 percent from July 2009. DataQuick attributed the drop to sales in May and June as people hurried to take advantage of expiring federal credits.

In the San Francisco Bay Area, the median price for July was $402,000, up nearly 2 percent from a year before but down 2 percent from June.

The median in Southern California was $295,000 in July, up 10 percent from July 2009 but down nearly 2 percent from June.

While Nevada County prices continue to decline, median prices statewide have been rising. The median was at $268,000 in July, up 7 percent from the $250,000 median a year before – though down nearly 1 percent from the June 2010 median of $270,000.

“Indicators of market distress continue to move in different directions. Foreclosure activity is off peak levels but remains high by historical standards,” DataQuick reported.

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