New report reveals prices on homes in Fresno and Clovis area are on the rise

EMBED </>More Videos

Local home prices remain healthy and showed no signs of slowing down to start 2017. (KFSN)

Local home prices remain healthy and showed no signs of slowing down to start 2017.

Fresno area prices rose seven-percent in January according to the latest study by real estate firm Corelogic.

"They say seven-percent-- that's probably a little bit on the low side," said Nick Barayuga, Sierra Pacific Mortgage.

The Fresno increase was slightly higher than the nationwide home price gain of 6.9-percent from January of last year, and through the roof when compared to the state average of 5.8-percent.

Real estate experts say low for sale inventory and a shallow pool of rental properties has markets like Fresno seeing housing prices outpace inflation.

"There's only a few months of inventory on the market, before, when in the worst case we had one year-- two years of inventory during the total down time but now," said Barayuga. "Still a very good, very attractive time wise for people to buy houses; it should be steady as long as the inventory keeps hitting the market."

New homes remain an attractive option for many buyers. Fresno area developments have seen a surge in sales as of late

"In the last month we've probably had at least 20 sales," said Nancy Vartanian, Wilson Homes.

Vartanian is a sales associate with local builder Wilson Homes and according to her; buyers have been scooping up new homes at an accelerated rate since her Clovis office opened five months ago.

"As a first time home owner myself I've looked at all the builders. I'm just excited about new activity-- I think it's really good to see an up curve coming because for so many years not knowing what the market looking like. I think it's a lot of excitement with new buyers right now."

Experts predict mortgage rates will remain relatively low at around four-percent and stay below five for the rest of 2017.

Related Topics:
realestatehomehousing marketfresno countyFresnoClovis
(Copyright ©2017 KFSN-TV. All Rights Reserved.)

Load Comments