Fresno home prices slowing pace

Source: The Business Journal

While still increasing, home prices aren't growing as fast as they used to in Fresno, according to real estate search website Trulia. Prices in the Fresno metropolitan area rose 19 percent in July over the year before. However, the momentum is likely on the downturn with Fresno's asking prices slowing significantly from quarter to quarter. In the second quarter of the year, asking prices in the area increased 5.2 percent compared to 7.4 percent in the first quarter, a slowing of 2.2 percent. That slowdown rate is behind only eight other metros in the nation, including San Jose at 2.4 percent, Sacramento and Portland, Ore. at 3.3 percent, San Francisco 3.5 percent and Las Vegas, Nev. at 5.2 percent. Nationwide, asking home prices decreased 0.3 percent in July, the first month-over-month decline since November 2012. However, asking prices were up 3.3 percent quarter-over-quarter in July, down from a peak of 4.2 percent in April. "The asking home price slowdown in July could be the start of the return to normal price gains," said Jed Kolko, Trulia's chief economist, in a release. "The blazing fast price increases we've seen in recent months could not last, especially with rising mortgage rates, expanding inventory and declining investor interest." Trulia data showed average listing prices stood at around $329,825 in Fresno County in July, with Trulia listing 4,723 homes currently for sale. Prices averaged $268,509 in Tulare County with 3,235 homes for sale, $355,318 in Madera County with 1,523 homes and $248,257 in Kings County with 677 homes. Sales and rental prices for California metros can be searched in more detail at trulia.com under the "Local Info" tab.

URL to original article: http://thebusinessjournal.com/news/real-estate/7199-fresno-home-prices-slowing-pace

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