The market for housing is improving Nation wide. Nevada County home prices edged up slightly while Placer, El Dorado and Sacramento Counties edged slightly downward. We may be at the bottom of the market and a good time to buy.

New-home sales edged up at an annual pace of 2.6 percent to 858,000 in March from February, reports the Commerce Department. The figure marked a year-over-year decline of 23.5 percent and fell shy of the 4— to 8-percent increase anticipated by analysts.

The report also showed a modest increase in the median new-home price to $254,000 last month from $250,000 the prior month, but National Association of Home Builders chief economist David Seiders attributed the rise to a large number of high-end sales and pointed to ongoing discounts and other incentives by builders as evidence that prices are not actually rising.

Inventory declined slightly to a 7.8-month supply from 8.1 months in February, which is much greater than the 4.5-month supply that Moody’s Economy.com chief economist Mark Zandi says is balanced. According to Zandi, “It’s just another indication that the entire housing market is struggling and that the housing correction is in full swing.”

Note that the article above mentions new housing built by large housing developers. In areas where large tracts where built, prices have dropped. Areas like Nevada County, where there no large developments are unique in that there are no large surplus of homes for sale and prices remain somewhat stable.

John O’Dell is a licensed real estate broker, civil engineer and general contractor.