Kings County avoids falling home sales

Source: The Business Journal
Written by Ben Keller

Home sales fell throughout the state in September, although Kings County continued to be among the few exceptions. According to a new report from the California Association of Realtors, homes sales in Kings County improved 16.7 percent from August to September. Sales were also up 1.2 percent compared to September 2013. The median price of a home in the county was unchanged at $183,330 in September, both up 8.8 percent from $168,460 a year ago. Home sales in Fresno County declined 0.3 percent from August and 1.6 percent compared to September 2013. The price of a median home in Fresno County stood at $208,210 in September, up 2.2 percent from $203,760 the prior month and 12 percent from $185,830 a year ago. Tulare County saw its home sales fall 6.9 percent during the month but increase 3.6 percent in the year-over-year comparison. The county's median home price fell by 5.1 percent in September to $175,000 from August's price of $184,440. That's up 7 percent from $163,500 a year ago. Home sales in Madera County were down 6.3 percent compared to August and 31.8 percent year-over-year. The county's median home price was down 6 percent in the month, going from $166,670 in August to $156,670 in September. That's also down 17.5 percent from $190,000 last year. Home sales may have dropped in September but the available supply of houses saw some healthy increases in the Valley. Tulare County's index was up to 4.9 months in September compared to 4.5 months in August and 4.2 months a year ago. Madera County's index increased to 7.1 months compared to 6.9 months in August and 5 months last year. Fresno County's unsold inventory index, or number of months to deplete the supply of homes at the current sales rate, was unchanged in September at 5.2 months, up from 4.4 months in September 2013. Kings County's index stood at 3.2 months in September, down from 4 months in August but up from 3 months the year before. Statewide, home sales totaled 396,440 units in September, up just 0.4 percent from 394,700 in August but down 4.2 percent from 413,850 in September 2013. "September’s slight sales increase and tempering in home price gains suggest optimism as we head into the slower homebuying season," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young, in a statement. "Home prices are stabilizing, and the year-to-year sales decline is at the lowest level we’ve seen in the last 12 months. The cooling price growth and recent drops in mortgage rates will ease housing affordability and help to improve sales in the final months of the year."

URL to original article: http://www.thebusinessjournal.com/news/real-estate/14390-kings-county-avoids-falling-home-sales 

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