Fresno home prices rise in June

Source: The Business Journal
Written by Business Journal Staff

Fresno home prices, including distressed sales, increased by 3.4 percent in June, compared to June 2011, according to CoreLogic, a provider of consumer, financial and property information based in Santa Ana. In May, Fresno’s home prices, including distressed sales, rose by 2.5 percent compared to May of last year. Excluding distressed sales, year-over-year prices for homes in Fresno increased by 3.3 percent in June, compared to June 2011 and by 2.9 percent in May 2012, compared to May one year ago. In the Hanford-Corcoran area home prices including distressed sales grow by 1.63 percent in June 2012, compared to June 2011. In the Madera-Chowchilla area, home prices including distressed sales jumped 10.46 percent in June, compared to the same month one year ago. In the Visalia-Porterville area home prices including distressed sales grew by a slim margin of .22 percent in June, compare to the same month in 2011. With distressed sales excluded, home prices fell by 1.14 percent in Hanford-Corcoran, while rising 1.09 percent in Madera-Chowchilla and 2.96 percent in Visalia-Porterville over the same one-year period. Nationwide, home prices, including distressed sales, grew by 2.5 percent in June, compared to June 2011. On a month-over-month basis, including distressed sales home prices increased by 1.3 percent in June 2012, compared to May 2012. The June 2012 figures mark the fourth consecutive increase in home prices nationally on both a year-over-year and month-over-month basis. “Home prices are responding positively to reductions in both visible and shadow inventory over the past year,” said Mark Fleming, chief economist for CoreLogic in a release. “This trend is a bright spot because the decline in shadow inventory translates to fewer distressed sales, which helps sustain price appreciation.” The CoreLogic home index survey found that the five states with the highest appreciation including distressed sales, were: Arizona at plus-13.8 percent, Idaho at plus-10.4 percent, South Dakota at plus-10.1 percent, Utah at Plus-8.3 percent and Wyoming at plus-7.7 percent.

URL to original article: http://www.thebusinessjournal.com/news/real-estate/2843-fresno-home-prices-rise-in-june

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