published on December 19, 2016 - 6:54 AM
Written by The Business Journal Staff
The price of homes sold in the Central Valley were mostly up in November, as were sales, according to new data from the California Association of Realtors.

 

Fresno County’s median sold home prices for November was $238,000, up 1.3 percent month over month and up 5.8 percent annually. Sales in Fresno were down 6.7 percent in November compared to October, but were up 31.7 percent annually.

Kings County’s median sold home price was $210,000 in November, down 3.2 percent month over month but up 13.5 percent annually. For November sales were up 6 percent and 35.4 percent annually.

Tulare County’s median home price for November was $217,500, up 6.1 percent month over month and also up 24.4 percent annually. Sales were also up 4.3 percent on a monthly basis and also up 41.6 percent year over year.

An outlier from the rest of the region, the Madera County median home price for November was $212,950, down 6.4 percent month over month and down 3.2 percent annually. Madera’s November sales were down 34.3 percent month over month and down 24.6 percent annually.

The statewide median price decreased for the third straight month but remained above the $500,000 mark for the eighth consecutive month. The median price of an existing, single-family detached California home was down 2.3 percent in November at $501,710 from a revised $513,520 in October.

Realtors are not anticipating an immediate major chill to the market from a recent announced bump in the federal funds rate. But that may change beyond 2017.

“The Federal Reserve’s announcement last week to raise the federal funds rate has been anticipated and should only have a minor, if any, adverse impact on the housing market in the next couple of months since rates are still historically low. Yet, future rate hikes will further increase the cost of a mortgage, which could impact home sales in 2017 and beyond,” said C.A.R. Senior Vice President and Chief Economist Leslie Appleton-Young.

“Moreover, with the specter of rates drifting higher, more buyers may rush in to buy homes and compete for a dearth of homes available for sale, which could put upward pressure on home prices and lead to a further decline in affordability.”


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