Valley Housing Market on the rise; inventory low
FRESNO, Calif. (KFSN) -- For the first time in more than five years home prices across the nation are up. It's encouraging news for the economy, for sellers and for buyers.
There have been huge monthly increases in the Valley, and here in Fresno. Sellers are getting offers well over the asking price, but that also means inventory is low.
"I put a home on the market on Friday. On Saturday I had two offers. By the end of the weekend, Monday, 14 offers."
Deanna Spellman of Realty Concepts says she can't keep the "For Sale" signs up. She says in Fresno and Clovis there's usually as many as 3,500 homes available. But for the past few months the inventory is nowhere near those numbers.
"Right now, we have 566 houses in Fresno active in the market and 177 active in Clovis on the market."
Nationwide home prices rose by more than 10 percent in February. It's the largest annual gain since 2006.
And it's great news for people who have been waiting to sell their homes. Spellman says it also means there's "traditional" sales.
"Mr. and Mrs. Smith decide they want to move and put their house on the market, a regular person, a house not in distress."
Spellman says buyers are even writing letters hoping sellers will accept their offers.
The market is seeing a lot of investors from outside the Valley who are quick to snatch up homes, even ones they haven't seen.
"I feel for buyers. It's really difficult to get into a home right now. It's gone before it even hits the market."
We're told interest rates are extremely low meaning people are rushing to purchase while they can.
fresno, fresno county, housing, business, stephanie stone
- Crews search for Fresno man near Shaver Lake 3 min ago
- Malaysia widens search for missing plane
- Street sweeper finds shooting victim in Fresno
- Rockets strike Israel, jeopardizing truce talk
- Photos: $2.35 million Modern Family home for sale
- Driver kills 2, injures 23 at SXSW festival, police say
- Searchers scour rubble after gas explosion kills 7
- Golden Gate Bridge survivor speaks at Fresno State
- Applications for US jobless aid dip to 3-month low
- Los Banos mom kicks teen in the head, police say
- Undercover: CPD stopping alcohol sales to minors
- Fresno police connect vintage car thefts to guns, gangs
- Fresno's most notorious mass murder remembered
- Wild Colorado chase ends after 3 carjackings
- Pet Adoption of the Week: Lady Bug
32 min ago