Written by David Castellon
With homes for sale in short supply nationally, sales moved at a brisk pace in July, and that was particularly true in Fresno County, named one of the 20 hottest real estate markets in the country over the past month.
In fact, Realtor.com placed Fresno at 14th place in its residential real estate “Hotness Index” for the month of July, a significant jump from its ranking of 27th place in June.
“In July, prices in the residential real estate market remained at seasonal and historical peaks as homes for sale continued to be in short supply,” states the website that lists homes for sales around the country and provides market data.
“The pace of sales also continued to be brisk in July, with homes moving 6 percent more quickly than the same time last year.”
It goes on to say that nationally, the median list price of a single-family home for sale has been $275,000 since May, a 10 percent increase over last year.
“We normally see the housing market begin to slow down in midsummer, but this year has been a different story,” Javier Vivas, Realtor.com’s manager of economic research, stated in a press release. “Homes are not only selling faster than last July, but also faster than last year’s peak months.”
It goes on to say that that based on preliminary analysis of July sales, more homes hit the U.S. market for the third month in a row.
But many of those 510,000 homes came with steep price tags, making it hard for first-time buyers to afford homes, as the median price for a single-family has been at about $275,000 since May.
That’s a 10 percent increase over last year, according to the website.
In Fresno, the median list price was $290,000 — $144 a square foot — in July, while the median closing price was $224,000.
The median time homes were on the market in the county that month was 42 days.
California metro areas dominated the July Hotness Index, taking 11 of the top 20 spots on Realtor.com’s rankings. Those other areas are Vallejo-Fairfield, San Francisco-Oakland-Hayward, San Jose-Sunnyvale-Santa Clara, San Diego-Carlsbad, Stockton-Lodi, Sacramento- Roseville-Arden-Arcade, Yuba City, Modesto, Santa Cruz-Watsonville and Santa Rosa.
To see the full Hotness Index, go online to Realtor.com.