Madera County home sales lapse again

Source: The Business Journal

The real estate market kept on its roller coaster path in Madera County last month with home sales plummeting following a large increase in October. According to a new report from the California Association of Realtors, home sales were down 44.4 percent in Madera County in November and 23.1 percent from the year before. The new figures come after a 63.6-percent surge in home sales during October but a 40.5-percent drop in September. The county’s median home price remained fairly steady by comparison, going from $153,330 in October to $160,000 in the latest month for a 4.4-percent bump. That’s still up 41.2 percent from $113,330 in November 2012. Sales in Fresno County dropped 18.6 percent in the month and 18.7 percent from the year before. The county’s median home price of $193,020 marked a 5.7-percent increase from $182,620 in October and a 30.2-percent jump from $148,240 in November 2012. In Tulare County, sales fell 8.7 percent from October and last year. At $161,300, the county’s median home price was even with the prior month but up 15.8 percent from $139,260 a year ago. Kings County saw its home sales drop 7.2 percent in November and 24.7 percent over the last year. Meanwhile, the median price of a home fell 5.2 percent in the month, from $181,000 to $171,670, but increased 23.3 percent from $139,230 in November 2012. Sales may have dropped through the Valley, but the available supply of homes looked to be on the upswing. Fresno County’s unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was 5.1 months in November, up from 4.3 months in October and 4.2 months in November 2012. Tulare County’s index stayed flat at 4 months in November but remained far ahead of 1.3 months last year. Kings County also saw no change at 3.9 months but had a little more wiggle room than 2.9 months a year ago. Madera County’s index shot up to 5.2 months in November compared to 2.9 months the prior month and 2.9 months in November 2012. Statewide, home sales totaled 387,520 units in November, the lowest since July 2010 and down 3.4 percent from 401,000 in October and 12 percent from 440,250 in November 2012. California’s median home price stood at $422,210 in November, slipping 1.2 percent from October’s $427,290 but picking up 22.2 percent from $345,560 last year. “Improving home prices are a double-edged sword for the housing market,” said C.A.R. President Kevin Brown. “While welcomed news for homeowners and prospective sellers, diminished affordability is squeezing out many buyers and dampening their enthusiasm for home purchasing. Buyers are playing the waiting game and putting their home search on hold until prices stabilize and more inventory becomes available in the market.”

URL to original article: http://www.thebusinessjournal.com/news/real-estate/10032-madera-county-home-sales-lapse-again

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