Madera County sees turnaround in home sales

Source: The Business Journal

Homes sales picked up throughout the Valley in October with Madera County seeing the sharpest increase. According to a new report from the California Association of Realtors, home sales in Madera County were up 63.6 percent in October over the prior month with the same increase seen over October 2012. The figure came after a 40.5-percent drop in sales in September. The county's median price also fell, going from $190,000 in September down 19.3 percent to $153,330 in the latest month. That's still up 9.5 percent from $140,000 last year. Sales in Fresno County were up 3.5 percent in the month but down 16.2 percent from last year. The county's median home price of $182,620 marked a 1.7-percent decline from $185,830 in September but a 20.3-percent jump from $151,850 in October 2012. In Tulare County, sales rose 9.5 percent from September but dropped 10 percent from a year ago. At $161,330, Tulare County's median home price was down 1.3 percent from $163,500 in September but up 12.3 percent from $143,610 last year. Kings County saw its home sales drop 16.9 percent in October and 31 percent over the last year. That wasn't surprising considering the jump in home prices. At $181,000, the county's median home price was up 7.4 percent over September's $168,460 and 19.5 percent over $151,430 in October 2012. As sales fluctuated throughout the state, so did the available supply of homes. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 4.3 months in October, down from 4.4 months in September but more than last year's supply of 3.7 months. Tulare County's index stood at 4 months in October, down from 4.2 months. Last year's index was not available. Kings County saw it index increase to 3.9 months from 3 months in September and 2.5 months last year. Madera County's index plummeted from 5 months in September and 4.8 months last year to 2.9 months in October. Statewide, sales totaled 401,170 homes in October, down 2.7 percent from 412,260 the prior month and 11.1 percent from 451,090 in October 2012. California's median home price stood at $427,290 in October, down 0.3 percent from $428,740 the month before but up 25.3 percent from $340,910 a year ago. "As anticipated, the housing market was disrupted by the closure of the federal government in October, which prolonged the loan approval process and led to the delay of many home closings, especially on FHI transactions," said C.A.R. President Kevin Brown. "That said, we are returning to a market that's more balanced than we've seen in recent years, with home price gains that are more sustainable and a sales pace that's characteristic of a normal environment."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/9701-madera-county-sees-turnaround-in-home-sales

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