Fresno Co. a bright spot in December home sales

Source: The Business Journal

Sales climbed nearly 15 percent in Fresno County in December but that wasn't the case for much of the San Joaquin Valley or the rest of the state. According to a new report from the California Association of Realtors, home sales picked up 14.3 percent in Fresno County during the month despite a drop of 4.8 percent from the year before. For one thing, homes got a little more affordable. At $190,350, the county's median home price was down 1.4 percent from $193,020 in November. That's still up 20.8 percent from $157,620 in December 2012. Sales in Tulare County, on the other hand, saw a 9.5-percent drop in December from the month before and a 30.3-percent decline year-over-year. The county's median home price fell slightly to $160,910 but rose 10.4 percent from $145,760 in December 2012. Madera County saw no change in sales during the month although numbers slipped 35.5 percent from the year before. At $160,000, the county's median home price was the name as November's but picked up 10.9 percent from $144,290 in December 2012. In Kings County, sales fell 15.6 percent in December and 33.3 percent year-over-year. The county's median home price also took a dive of 10.1 percent in the month, going from $171,670 to $154,280, which is still 5.7 percent ahead of $144,000 in December 2012. While sales picked up in Fresno County during the month, the available supply of homes was on the decline. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, dropped from 5.1 months in November to 4 months in December, still up from 3.8 months the year before. Madera County's index also dropped from 5.2 months in November to 4.6 months in December, still far ahead of the 2-month supply the year before. Tulare county's index picked up a little bit in December, going from 4 months to 4.3 months compared to 2.8 months in December 2012. The index in Kings County also climbed to 4.6 months compared to 3.9 months in November and 2.9 months in December 2012. Statewide, home sales totaled around 361,890 units in December, down 6.7 percent from 387,860 in November and 18.6 percent from 444,7770 in December 2012. California's median home price stood at $438,040 in December, up 3.7 percent from $422,210 in November and 19.7 percent from $365,840 in December 2012. "While month-to-month price gain was higher than normal, home prices have been stabilizing in the second half of 2013, which is positive news for buyers who have been putting their home search on hold until prices leveled of," said C.A.R. Vice President Leslie Appleton-Young. "California's housing market experienced strong price growth throughout the year, with the median price surging 27.5 percent for the year as a whole from $319,300 in 2012 to $407,180 in 2013. But again, the increase in the media price can be partly attributed to the increase in sales of higher-priced properties, where tight inventory was less of a factory."

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/10405-fresno-co-a-bright-spot-in-december-home-sales 

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