Home prices continue to rise

UPDATE 6:30 PM 12/29/16 –

With home interest rates expected to rise, some people planning on buying a house on the central coast are trying to do that sooner rather than later. But inventory is low and prices are high.

So let’s take a look at a couple of important numbers. This median price of a home. That’s the price where there’s an equal number of sales higher or lower than that price. That may sound a little boring but, for some people, it’s very real stuff and can be eye popping.

So, let’s take a look at a couple of important numbers. The median price of a home. That’s the price where there’s an equal number of sales higher, or lower, than that price.

In Monterey County….the median price of a home in November 2016 was more than half a million dollars….$532,500.

That number was much higher in Santa CruzCounty. We’re talking $800,750.

So just what does THAT buy you?

A home on California street in Santa Cruz it’s 1195 square feet and valued at over $700,000 which is actually a little lower than that median price.

At this price point, this home is getting lots of interest after just several days on the market.

“On the 27th we had seven showings by 1 o’clock and 11 showings by the end of the day which was quite a lot”. said Broker Associate Frank Murphy.

For a reality check….let’s look at Austin, Texas…attracting lots of Californians looking to relocate.

The median price for a home there is $305,000. $292,500 buys you a three bedroom, 2 bath and about 2 thousand square feet.

Going further south..in Charleston, South Carolina…the median home price is $305,000.

Take a look at what $262,000 buys there: 3 bedrooms, 2 bathrooms and about 15-hundred square feet.

While Monterey County isn’t as cheap as that….Prunedale and Salinas are attracting folks from Santa Clara, priced out of Morgan Hill and Gilroy.

A Salinas home we checked out was more than 2100 square feet on a cul-de-sac listed at $539,000.

“Two of my showings actually today were people that were from up north looking into buying that house just because it’s in a good area and it’s in a cul-de-sac.” said realtor Sergio Caja Santa Cruz also sees its fair share of buyers from the north, many looking to buy a second home. “They’re very high net worth people, often and many times they’ll pay cash for a property and there’s no mortgage involved” said Murphy PREVIOUS STORY: Central Coast home prices are on the rise and Santa Cruz County is leading the way.

According to figures from Real Options Realty, the median price for a single family home in Santa Cruz County was was $800,750 in November 2016. One year ago, in November 2015, the median price was $700,000.

Just across Monterey Bay, home prices are pricey but not quite as high. The Monterey Peninsula Home Team reported November’s median price for a single family home in Monterey County was $532,500, up three percent from a year ago.

Tonight, KION’s Zach Fuentes looks at the latest sales trends and talks with potential homebuyers about the challenges of finding an affordable home.