Written by The Business Journal Staff
Mirroring a national trend, Fresno’s residential real estate market continued to experience a summer-like peak heading into the fall.
According to a report from Realtor.com, the U.S. median home price was up 12.9% over last year for the week ending Oct. 3 — showing no signs of the usual fall cool down. The number of homes on the market was down 38% in that period. Homes were selling 13 days faster than this time last year.
In Fresno, the median listing price was up 7% in the first week of October compared to the same period last year. Indicating tighter inventories, total listings fell by 55.4% year over year. Comparing median days on the market, Fresno homes sold 23 days faster compared to last year.
“While buyers would normally begin to hunker down this time of year, we expect to see an unusually high number remain in the market this fall,” said Danielle Hale, chief economist at realtor.com. “This gives sellers a rare opportunity to get top dollar for their home outside of the prime selling season, which may be motivating some to stay in the market. However, even with record breaking prices, we’re not seeing sellers rush into the market with the same eagerness as buyers. Looking forward, a key question is whether this frenzied demand will continue into the spring or if we’ll see more balance between home buyers and sellers.”