Written by Gabriel Dillard
While the state housing market mostly sputtered in November, according to the California Association of Realtors, the picture was a little more mixed in the Central Valley.
Statewide home sales in November were down 3.9 percent from October, and also down 13.4 percent from November 2017, according to the latest data from the California Association of Realtors.
“While many home buyers continue to sit on the sidelines, serious buyers who are in a position to purchase should take advantage of this window of opportunity,” said C.A.R. President Jared Martin. “Now that interest rates have pulled back, home prices have tapered, and inventory has improved, home buyers’ prospects of getting into a home are more positive.”
The median home price in Fresno County for November was $265,750, down 2.3 percent from October but up 0.7 percent a year ago. Sales activity in Fresno was down 6.4 percent for November compared to October, and down 2.9 percent from a year ago.
The median price in Kings County last month was $222,000, down 3.1 percent from October and also down 3.5 percent a year ago. Sales activity was down 3.4 percent for the month, but up 6.3 percent a year ago.
Madera County’s median home price for November was $265,000, up 3.9 percent month-over-month and up 8.2 percent from the year prior. Sales activity was up 2.1 percent month-over-month but down 2 percent from a year ago.
Tulare County’s median home price last month was $237,400, up 2.3 percent from October and up 10.4 percent from a year ago. Sales were down 16.2 percent month over month and also down 2.5 percent from last year.
There were 41 of 51 California counties that posted a sales decline in November, with an average year-over-year sales decline of 16.8 percent.