December home prices pick up in Valley

Source: The Business Journal

Home prices picked up in the Central Valley during the month of December, although sales figures were hit and miss. According to a new report from the California Association of Realtors, Fresno County's median home price was at $157,620 in the month, a 6.3-percent increase from November's price of $148,240 and 15.3 percent up from the December 2011 price of $136,470. Home sales in the county dropped however, falling 2.5 percent from November and 22.2 percent year-over-year. Tulare County's median home price stood at $144,440 in December, a jump of 4.6 percent from $138,080 in November and 13.1 percent over $127,660 in December 2011. Sales in the county were among the few in the region to increase, rising 21.9 percent since November. However, compared to December 2011, sales were down 23.4 percent. In Madera County, the median home price increased 27.3 percent in December to $144,290 over November's price of $113,330 and 36.1 percent over $106,110 the year before. Sales in the Madera County rose 19.2 percent from November but fell 24.4 percent from December 2011. Kings County saw its median home price increase 4.9 percent in the month to $146,000 over November's $139,230 and 10.9 percent over the December 2011 price of $131,670. Home sales in the county were down 4.7 percent from November and 2.4 percent year-over-year. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 3.8 months in December compared to 4.2 in November and 4.1 a year ago while. Tulare County's index dropped to 2.8 months from 3.8 both last month and a year ago, while Madera County's index was at 2 months compared to 3.2 and 3.8 respectively. Kings County's index was unchanged from November at 2.9 months but better than the 3.7 months the year before. Statewide, the median home price stood at $366,930 in December, up 5 percent from November and 27 percent a year ago. Sales were slightly better in the month at 522,510 single-family homes sold. "A rush to complete sales of higher-priced homes by the end of the year to avoid an expected increase in capital gains due to the "fiscal cliff" pushed up sales of homes priced $500,000 and above by nearly 42 percent from December 2011," said C.A.R. President Don Faught.

URL to original article: http://thebusinessjournal.com/news/real-estate/4592-december-home-prices-pick-up-in-valley

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