fresno county real estate

published on October 19, 2021 - 11:55 AM
Written by The Business Journal Staff

The Fresno area bucked a statewide trend of falling single-family home sales for September, according to the latest data from the California Association of Realtors.

Fresno County home sales increased by 6.2% last month compared to September 2020, putting it among only ten of 51 counties tracked to see an annual increase.

Compared to August, Fresno County home sales declined by 5.1% in September.

Other counties to see an annual sales increase include Alameda, San Francisco, Santa Clara, Los Angeles, Merced, Stanislaus, Del Norte, Sutter and Yuba.

Statewide, annual sales decreased by 10.5% in September. Sales did increase by 5.6% on a monthly basis, marking the end of a four-month decline.

Realtors predict a period of opportunity for buyers who were sitting out the summer frenzy.

“As we move into the off-homebuying season, we should see market competition easing and home prices moderating, giving those who waited out the highly competitive market earlier this year an opportunity to revisit buying,” said C.A.R. President Dave Walsh. “Interest rates are expected to remain low and the availability of homes for sale should improve, which should boost homebuying interest and spur sales.”

Fresno County’s median sold price for September was $380,000, up 1.3% from the month prior and up 16.9% compared to last year.

Kings County September sales activity declined by 8.9% on an annual basis and 10.7% on a monthly basis. The median sold price last month was $320,000, up 3.2% for the month and up 21.2% for the year.

Madera County’s sales dipped by 11.2% in September compared to the year prior, but was up 15.3% on a monthly basis. The median sold price was $375,000, down nearly 1% for the month and up 13.3% for the year.

Tulare County sales were down 7.5% for the year and also down 3.3% for the month. The median sold price was $320,000, up nearly 1% for the month and up 16.4% on an annual basis.

Despite the ebb and flow of sales activity, the market is expected to remain hot into the New Year.

“With the economic recovery remaining on course but progressing at a pace slower than anticipated, rates are expected to rise modestly in the next few months but will remain low,” said C.A.R. Vice President and Chief Economist Jordan Levine. “While statewide home sales are expected to dip slightly next year according to our latest forecast, housing demand will remain solid and post the second highest level of sales in the past five years. The market will stay competitive in 2022 as the normalization continues, and home prices will remain elevated.”

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