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Interest Rates Depressing Home Market

Rapid interest rate increases continue to depress home sales and prices. In Nevada County, the local Association of Realtors says 58 homes have been sold so far this month, compared to 90 in November. Meanwhile, local realtor Teresa Dietrich notes that listings have dropped from around 300 to 269…

click to listen Teresa Dietrich

Meanwhile, the average list price has dropped 35-thousand dollars in December, to 578-thousand dollars. Dietrich says the closing price ended up at 554-thousand. At the peak of the market, almost all homes ended up selling higher than the list price. But she

click to listen to Teresa Dietrich

Dietrich also says homes are now staying on the market about twice as long as when the market was hot, or before all the interest rate hikes, at 50 to 53 days.

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