Fresno real estate market is gaining steam
FRESNO, California (KFSN) -- A new study shows the Fresno real estate market is gaining steam. It may be the end of summer in Fresno, but home prices are heating up.
According to a Core Logic study, Fresno home prices rose 4.5 percent in July this year compared to last year. Nationally, home prices went up 3. 8 percent for the same time period.
Fresno realtor Dan Hawkins says his data shows home prices rising even higher.
"The statistics show ten percent in the last ten months due to inventory and low interest rates and supply and demand," Hawkins said. "There are little houses out there to buy and lots of buyers to buy them."
Hawkins says the stats are good news. During the past year, the real estate market had fewer homes up for sale.
"Compared to maybe 2700 a year ago, so it is less than half what it was a year ago." Hawkins said.
Existing homes aren't the only ones seeing the benefits of the up and coming market. New homes construction has also seen an uptick.
"We're actually seeing a shortage of lots," Darius Assemi said. "Most of our neighborhoods are almost sold out and we are preparing for newer neighborhoods."
Darius Assemi with Granville Homes is among the developers who are seeing a surge in new home sales. The demand is so high that in some areas, lots have sold out before construction even starts.
Assemi said, "The market has turned maybe 18 months ago and we are looking forward to higher real estate value for everyone in Fresno and Clovis."
As for the future, realtors are keeping their eyes on foreclosure properties and how that will affect sale prices.
"We're not out of the woods yet by any means, there are lots of foreclosures held by the banks," Hawkins said. "We don't know when those will come through."
However, after a difficult six years, developers and realtors are hoping this upswing in home prices will continue.
fresno, fresno county, business, amanda venegas
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