California home sales up, Valley outlook differs

FRESNO, Calif. (KFSN) -- Home sales and median home prices continue to rise around the state but the Valley outlook differs a bit.

Sales in California were up but in Fresno County they dipped 12.6 percent from a year ago according to the California Association of Realtors. The sales have dropped as home prices have risen.

Jared Martin of the Fresno Association of Realtors said, "We've gone up just over 7 percent so the median home price from July 2013 to July 2014 increased from $190 to $205,000."

Homeowners love to hear about rising property values but realtors pointed out you don't want them to increase too quickly because it takes more families out of the market.

Patrick Prince of Keller Williams said, "I think it's exciting that we're starting to see more traditional sellers coming on the market. I think everyone can look around and see the REO inventory has come down. Short sales have gone down, they're still out there, both of them but there's fewer of those."

Prince said that indicates a healthy market where consumer confidence is up.

Martin added, "It's a nice market. It's not so fast paced. I don't think the average buyer is competing against investors like they were 2-3 years ago."

Madera County saw a 20 percent jump in the median home price but a whopping 43 percent drop in home sales in the past year. Realtors said the market there suffers from a very low inventory.