Low Inventory Driving Up Home Prices in Monterey

Low Inventory Driving Up Home Prices in Monterey, CaliforniaScant inventories are driving up home prices in Monterey County’s recovering housing market, as investors snatch up what’s available and leave the leftovers to traditional home buyers.

Still, with interest rates at record lows and prices less than a half what they were five years ago, it’s a good time to buy — if you can find a suitable property and get a home loan.

The median price of single-family homes in Monterey County came in at $280,750 in July, up 12 percent from $250,000 a year ago, but down about 60 percent from $695,000 back in 2007, near the peak of the market, according to the latest numbers from MLSListings, Inc., the multiple listing service for the market.

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