Written by The Business Journal Staff
The price of homes sold in the Central Valley continued to rise last month despite a general slowdown in sales activity.
That’s the latest data from the California Association of Realtors, which found that the median sold price for a single-family home in California was $798,440 in October, down 1.3% month-to-month and up 12.3% from a year ago. Sales activity fell about 1% for the month and 10.4% for the year.
It was a different story when it comes to the hot Central Valley housing market where sold prices increased.
Fresno County’s median sold price was $385,000 for October, up 1.3% from the month prior and up 16.1% in October 2020. Sales activity did slow last month, down 2.8% from September and down 6% from last year.
Kings County had a median sold price of $325,000 in October, up 1.6% from September and up 11.9% from a year ago. Sales activity slowed by 15.2% month-over-month and was 29.1% lower from a year ago.
Madera County’s median sold price was $394,880 last month, up 5.3% from September and up 30.4% from a year ago. Sales haven’t slowed, with activity up 25.3% month-over-month and up 20.2% annually.
Tulare County had a median sold price of $325,000 last month, up 1.6% month-over-month and up 14.8% from a year ago. Sales were up 1% month-over-month, but down 3.9% on an annual basis.
Overall, Realtors believe the market is coming back down to Earth in California.
“As the housing market moves from ‘frenzied’ to ‘less frenzied’ and price growth comes back to earth, fewer homes are selling above asking price and bidding wars are less prevalent, so more buyers who pushed pause earlier this year will be able to take advantage of still-cheap financing,” said 2022 C.A.R. President Otto Catrina, a Bay Area real estate broker and REALTOR®. “With their median price being 30 percent less than that of a single-family home, condominiums and townhomes have been selling particularly well as they are a more affordable option to buyers with a smaller budget.”