Northstate impacted by rising California home prices

by Trevor Fay | Thursday, April 26th 2018

CHICO, Calif. — Indicators show home values in the Northstate are on the rise, and some home owners are looking to cash in by selling their property.

The real estate website Zillow says the median home price in California has gone up nine percent over the last year. Those expensive properties have some people considering whether or not they should sell their home to turn a profit.

Ryan "Ryno" Vaught, owner of Ryno Company, talked about home prices in the region.

"It seems like they still are on the rise," Vaught said. "First quarter of this year we're still seeing multiple offers on most reasonably priced listings."

With this in mind, it may not be a surprise that so many homes have gone up for sale. For example, it doesn't take long on a real estate website to see all the listings that have been posted in Chico.

It's not all happy news for those interested in real estate. Rising home values have some concerned about another housing bubble.

While this may be possible, Vaught says it's more complicated than that.

"We could be at another bubble but again it really depends on what happens with interest rates as far as where they go and inflation," Vaught said. "And that will either create more of a bubble or ease that bubble on prices."

Vaught says it's also a rise in the demand for homes in areas like Chico that's leading to a rise in the price of the properties.

The median home value in California is $537,000 according to Zillow.

Eagle Scout Projects

Three Boy Scouts who have been friends for more than a decade have completed their Eagle projects together at Bidwell Memorial Presbyterian Church.

Ryan Vaught, Joshua Jun and Andy Brossoit met in elementary school and have grown up as members of Troop 3 members of the church.