Written by The Business Journal Staff
Central Valley home prices were mostly higher to close out the summer than the year prior, according to data from the California Association of Realtors.
The median single-family home price in Fresno was $280,000 for August, unchanged from the prior month and up 7.7 percent from August 2017.
The median price in Kings County was $227,750 for August, up 1.2 percent compared to July and also up 1.2 percent compared to the year prior.
Madera County’s median price for August was $254,900, up 2 percent from the month prior but below 1.4 percent a year prior.
In Tulare County, the median price for August was $239,000, unchanged from the month prior but up 6.3 percent the year prior.
Statewide, the home market was challenged by high prices and eroding affordability, according to the Realtors.
“Home sales activity remained on a downward trend for the fourth straight month as uncertainty about the housing market continues to mount,” said C.A.R. President Steve White. “Buyers are being cautious and reluctant to make a commitment as they are concerned that home prices may have peaked and instead are waiting until there’s more clarity in the market.”
The statewide median home price edged up to $596,410 in August. The August statewide median price was up 0.8 percent from $591,460 in July and up 5.5 percent from a revised $565,320 in August 2017.
“While home prices continued to rise modestly in August, the deceleration in price growth and the surge in housing supply suggest that a market shift is underway,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young. “We are seeing active listings increasing and more price reductions in the market, and as such, the question remains, ‘How long will it take for the market to close the price expectation gap between buyers and sellers?'”