Home prices drop in Nevada and Placer counties
August 23, 2007
GRASS VALLEY ” Median real estate prices in Nevada County dropped more than 9 percent to $425,000 in July compared to a year earlier, a real-estate tracking company has confirmed.
Prices dropped 8.5 percent in Placer County.
Houses and condominiums in Nevada County sold for a median price of $468,500 in July 2006 and $467,250 in June 2007, marking a decline both from year to year and from month to month, according to figures collected from county recorders’ offices by DataQuick Information Systems of San Diego.
“Things just aren’t worth as much as they used to be,” said Teresa Dietrich-Treco, a Realtor from ERA Cornerstone Realty Group, with offices throughout the county.
Year-to-year median prices for July also declined in the counties of Placer (8.5 percent), Sacramento (10 percent) and Yuba (nearly 14 percent), DataQuick reported. Prices for six of the eight Sacramento-area countries declined; El Dorado County stayed the same and Sutter County rose nearly 3 percent to $290,000.
Median price information for cities was not immediately available.
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Statewide, July’s median home price dipped to $478,000, down 0.2 percent from $479,000 in June, DataQuick reported.
Nevada County’s market largely follows the trends in Southern California and the San Francisco Bay Area, as people sell homes there to relocate to this area.
In Southern California, median prices for July were mixed. Driven by gains only in Los Angeles County, the six-county regional median rose 3.7 percent in July to $505,000, DataQuick reported.
In the Bay Area, median prices have continued to show occasional jumps, following a statewide trend of stronger sales in high-cost neighborhoods ” a result of credit requirements tightening up with the collapse of the sub-prime loan market. The median there for July remained at June’s new peak of $665,000, DataQuick reported.
Statewide, housing sales are at their lowest levels since the mid-1990s.
In the nine San Francisco-area counties, the number of houses and condominiums sold in July dropped more than 12 percent compared to a year ago, DataQuick reported. In Southern California, the number of residences sold dropped more than 27 percent.