Average home price jumps 14 percent to $160,000.

 

The price of an average home -- described as a three-bedroom, 1,500-square-foot, site-built home -- in the Silver City area jumped 14 percent last year to a record $160,037, the Silver City Sun-News reported today on its Web site.

It was the second biggest price spike in the past 10 years  -- after the previous jump of 21.6 percent, from $107,200 to $130,446 in 2003, the paper reported.

"People moving from California and back east are moving into town and the inventory is probably the lowest it's been that I can remember," Kim Clark, association executive of the Silver City Regional Association of Realtors told the Sun-News.

"People are coming because of weather and escaping for climate," association president Billy Donnel told the paper. "In California and Arizona, they're selling a three-bedroom, 1,500-square-foot home for half a million, and they come here and get the same sized house for $160,000 and put some money in the bank."

Donnel also cited two recent clients who came from Key West, Fla., where an 800-square-foot home will sell for $1 million, the Sun-News reported.

Your Name:

Your Email Address:

Rate this article:
Poor Great

Comment:

BOLD

"QUOTE"

UNDERLINE