Fresno housing market among nations most stable

EMBED </>More News Videos

Fresno's housing market has been named the nations most stable. The designation comes from mortgage lender Freddy Mac. (KFSN)

New construction is on an upswing in Fresno, Clovis, and Madera County.

"We've got projects in north Fresno, Southeast Fresno, Southeast Clovis and a little in Northeast Clovis and southeast Madera County is poised to get going," said Mike Prandini.

Prandini, of the Building Industry Association, said new home construction has been growing and is expected to boom in the coming year. Close to 2,000 new homes were built in 2015. Only half the rate of the boom years of 10 years ago, but a positive sign. "Overall improvement in the economy, unemployment is holding pretty steady in Fresno County so people are a little more optimistic, willing to make a commitment and some of the buyers who lost their homes in 5, 6, 7, 8. 9 10. They've been out of the market for a few years but now they are able to get back into the market and buy a home."

Statistics show home prices up in most of the valley over the past year, with Fresno and Merced showing strong gains. Figures from the California Association of Realtors show the median home price in Fresno is $223,000. The median price means half of all homes are more expensive, half are less expensive. Fresno's median price climbed nearly 12-percent between November of 2014 and November of 2015. Prices are expected to rise about 6-percent in 2016.

Patrick Prince, of Keller Williams Realty and President of the Fresno Association of Realtors, said existing home sales are continuing to be strong. "The Fresno market has been pretty fantastic I'm going to say comfortably for the last year and for us it's just continuing as it has been."

Figures show the average house stays on the market about 30 days, and most sales are at or above the asking price. Freddie Mac said the Fresno Market is number one in the nation in terms of "market health." They base the assessment on completed home purchases, the payment to income ratio and the number of homeowners who are current on their mortgage payments, and the local employment rate.

Prince agrees the market is well balanced right now between buyers and sellers. "Mostly we are seeing people realizing the dream of home ownership again which we have been lacking for about 8 years."
Related Topics:
financehousing marketfresnofederal reservemoneyFresno
(Copyright ©2016 KFSN-TV. All Rights Reserved.)

Load Comments
More fresno

More Personal Finance

Top Stories
Show More