Home sales and prices in Nevada County show a minor decline recently. Teresa Dietrich, with the local Association of Realtors, says 62 homes closed in January, for an average price of 594-thousand dollars. But it’s 55, so far, in February, at 559-thousand dollars. But there’s been another plunge in inventory, due to rising interest rates. 189 homes were on the market at the beginning of the month. But now it’s 50…

click to listen to Teresa Dietrich

Dietrich says the year-over-year price drop was four-point-7 percent. Meanwhile, there’s some better news for first-time buyers. Dietrich says the local Association now has 25 one-thousand-dollar grants available, to help cover closing costs.

click to listen to Teresa Dietrich

Dietrich says buyers must apply for the money within a month after closing. The California Association of Realtors has also received a half-million dollar grant for first-time buyers. Also, the Department of Housing and Urban Development and the Federal Housing Administration have lowered the annual mortgage premium on loans by 30-basis points.