Realtors: Nov. median home prices rise in Valley

Source: The Business Journal

Most of the Central Valley experienced year-to-year growth in the median home price for the month of November, according to a new report from the California Association of Realtors. Last month's median home price in Fresno County was $148,240, a 2.4-percent decrease from October's price of $151,850, but up 4.8 percent from the November 2011 price of $141,470. Madera County's median price last month was $113,330, down 19.1 percent from the month prior but up 9.7 percent from November 2011. Tulare County's November price was $138,080, down 3.1 percent from October but up 9 percent from November 2011. Kings County was the only Central Valley county to see reductions month-to-month and year-to-year. The November median price there was $139,230, down 8.1 percent from October and down 8.9 percent from November 2011. Fresno County's unsold inventory was 731 homes in November, down 9 percent from November 2011. Kings County's unsold inventory was 85 last month, up 30.8 percent from the same month in 2011. Madera County's unsold inventory last month was 26, down 21.2 percent from 2011, while Tulare County's unsold inventory was 215 in November, down 33.2 percent from 2011. In a bright spot, the median time Central Valley homes stayed on the market fell in November compared to the same month last year:

• Fresno County: 26.3 days, compared to 36.3
• Kings County: 42.9, compared to 45.5
• Madera County: 27.9, compared to 36.4
• Tulare County: 24.4, compared to 41.7

Statewide, the median home price saw its biggest year-to-year increase since June 2004. November's median price of $349,300 was up nearly 25 percent from a revised $279,910 recorded in November 2011. “California’s median home price continued to strengthen in November, marking its highest point since August 2008,” said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. “The significant increase in price was due in part to the change in the mix of sales. Coastal markets, which tend to have high-end properties, accounted for a larger share of total sales and led to strong price gains overall. “As we approach the new year, it is likely that sales and price will remain solid moving forward, dependent upon the strength of the economy and if Congress preserves the valuable mortgage interest deduction all homeowners, especially those in California, depend on.”

URL to original article: http://www.thebusinessjournal.com/news/real-estate/4304-realtors-nov-median-home-prices-rise-in-valley

For further information on Fresno Real Estate check: http://www.londonproperties.com