The doubling of interest rates in the past year has depressed home sales from what some Realtors call an unhealthy pandemic market.

Across the nation, the number of homes sold in November dropped 7.7% month-over-month and 35.4% year-over-year, according to data from the National Association of Realtors.

National Association of Realtors Chief Economist Lawrence Yun compared the housing market in November to what it was like during lockdown.

“In essence, the residential real estate market was frozen in November, resembling the sales activity seen during the Covid-19 economic lockdowns in 2020,” Yun said in a press release.

Sales data for Fresno County were in lockstep with national trends while data for Tulare, Kings and Madera were more severe.

Fresno County

626 homes sold in November represents a -33.9% change year-over-year and -6% change month-over-month. Median price rose 1.6% from last year to $392,000. 1,712 active listings represent a 66.5% annual change.

Tulare County

177 homes sold in November represents a -40.8% change year-over-year and a -11.1% change month-over-month. Median price rose 8.1% from last year to $362,000. 515 active listings represent a 90% annual change.

Kings County

65 homes sold in November represents a -39.8% change year-over-year and a -15.6% change month-over-month. Median price dropped 2.5% from last year to $325,000. 170 active listings represent an 84.8% annual change.

Madera County

13 homes sold in November represents a -31.6% change year-over-year and a -13.1% change month-over-month. Median price rose 12.3% from last year to $410,000. 55 active listings represent a 66.7% annual change.

The numbers bear more of a resemblance to a normal housing market, said J.P. Shamshoian, CEO of Realty Concepts in Fresno.

“There’s a misperception that there’s a down housing market,” said Shamshoian. “We’re in a normal housing market that feels down because of what we just came out from.”

Homes are selling at 97% of listing price, which is normal, he said. Eight months ago, homes were selling on average higher than listing price.

Buyers are in a tough spot because interest rates and limited inventory are keeping prices strong, he said. While there are buyers in the market, some sellers are questioning whether they want to ditch their low interest rates and finance something new at a higher rate, Shamshoian said.

Average mortgage rates are at 6.31% as of Dec. 15, according to Freddie Mac, up from 3.12% a year ago.

Some sellers still have high expectations about what they will get for their homes, but after a few weeks, they realize where the market is, said Shamshoian.

“What we experienced in 2021 or 2022 was a profoundly unhealthy real estate market as a broker that represents both buyers and sellers,” said Shamshoian. “I’m looking forward to a really healthy 2023.”