Home sales fall hard in Madera County

Source: The Business Journal

Home sales dropped throughout the Valley in September, but no where as significantly as Madera County. According to a new report from the California Association of Realtors, home sales in Madera County were down 40.5 percent from August and 26.7 percent from September 2012, the second and fourth largest drop-offs in the state, respectively. The decline likely had something to do with rising home prices. At $190,000, the county's median home price was up 11.8 percent from $170,000 in August and 58.3 percent from $120,000 a year ago. Kings County saw sales drop 3.5 percent in the month. However sales improved 26.7 percent over last year, the second highest increase in the state after Humboldt County. The increase came despite jump in year-over-year home prices. At $168,450, the county's median home price was up 7.5 percent over last year's price of $156,670. The county saw an 8.4-percent drop from August, however, when the median home price stood at $184,000. Sales in Fresno County fell 13 percent over the month, but remained about even with last year. The county's median home price of $185,830 marked a 1-percent increase from $184,000 in August and a 16.8-percent jump from September 2012. In Tulare County, sales were down 4.7 percent from August and 12.3 percent from a year ago. At $163,500, Tulare County's median home price rose 3.2 percent from August's price of $158,460 and 19.3 percent from $137,060 last year. While sales may have dropped, the available supply of homes improved throughout the Valley. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.4 months in September, up from 3.7 months in August but less than last year's supply at 4.7 months. Tulare county's index stood at 4.2 months in September compared to 4.1 months in August and 4 months last year. Kings County saw its index increase to 3 months from 2.9 months in August, although it dropped from 4.1 months last year. Madera County saw a much more dramatic increase, going from 3.5 months a year ago and 2.4 months in August to 5 months in September. Statewide, sales totaled 412,880 homes in September, down 5.1 percent from 434,910 the prior month and 2.6 from 424,000 in September 2012. California's median home price stood at $428,810 in September, down 2.8 percent from $441,330 in August but up 24.4 percent from $344,760 last year. "It's encouraging that housing inventory has been steadily improving since May, when housing supply hit its recent bottom," said C.A.R. President Don Faught, in a release. "While inventory remains constrained in the lower-priced home segment and primary home buyers continue to compete with investors, the number of properties for sale overall has been rising since March 20123 and is at its highest level since mid-2012."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/9227-home-sales-fall-hard-in-madera-county

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