Valley sees rise in home sales in May

Source: The Business Journal

Much of the Valley saw an increase in home sales during May and even had the inventory to match. According to a new report from the California Association of Realtors, home sales increased just 0.4 percent in Fresno County during the month and 6.7 percent compared to May 2013. The price of a median home in Fresno County stood at $199,540 in May, up 3.5 percent from $192,880 the prior month and up 18.9 percent from $167,770 a year ago. Sales in Tulare County climbed 13.8 percent during the month but fell 3.5 percent in the year-over-year comparison. The county's median home price rose 2.7 percent in May to $177,140 over April's price of $172,500. That's also up 12.5 percent from $157,500 a year ago. Kings County saw its home sales jump 13 percent in May but fall 14.3 percent compared to a year earlier. Home prices in the county stood at $171,670 in the month, up 3.3 percent from $166,250 in April and 15.2 percent from $149,000 in May 2013. Madera County was not as fortunate in May, with sales dropping by 27.6 percent compared to the prior month and a year ago. The county's median home price was also down by 3.2 percent in the month, going from $182,500 in April to $176,670 in May. However, that's 24.4 percent higher than $142,000 last year. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, stood at 4.4 months in May, up from 4.3 months in April and 3.6 months in May 2013. Madera County's index was up to 3.9 months in May compared to 3.3 months in April and 3.6 months a year ago. Kings County's inventory dropped to 3.3 months in May compared 3.7 months in April and 2.5 months a year ago. The inventory index for Tulare County stood at 3.8 months in May compared to 4.3 months in April and 2.7 months in May 2013. Statewide, home sales totaled 391,030 units in May, down 0.6 percent from 393,480 in May and 9.5 percent from 432,140 in May 2013. "Since last summer, the market has been transitioning to a slower pace of sales, somewhat higher inventory and less upward pressure on prices," said C.A.R. President Kevin Brown, in a release. "Generally spacing, buyers are feeling less urgency to buy as affordability has become more of an issue and lending standards continue to remain tight. However, a recent surge in mortgage applications, due partially to declining interest rates, may indicate that higher housing demand can be expected in the coming months."

 URL to original article: http://www.thebusinessjournal.com/news/real-estate/12568-valley-sees-rise-in-home-sales-in-may

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