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Housing Affordability Still Low In Nevada County

A slight drop in housing affordability in Nevada County. The California Association of Realtors says you would need a qualifying annual income of 102-thousand dollars to afford a median-priced home, which was 561-thousand dollars in the third quarter covering July through September. That’s an affordability rate of 35-percent, compared to 34-percent the previous quarter. But it was 41-percent year ago. Meanwhile, Teresa Dietrich, with the local association, says there are signs of more buyer hesitancy, as prices continue to rise…

click to listen to Teresa Dietrich

Dietrich says that meant buyers were paying as much as 20-to-30-thousand dollars above the appraised value, which has not been dropping. But, as usual, the only way affordability will ever improve dramatically is with a significant rise in inventory, especially more workforce housing…

click to listen to Teresa Dietrich

Meanwhile, only 24-percent statewide can afford current prices, although that’s one-point better than the previous quarter.

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