Realtor.com Senior Economist Joel Berner said sellers are increasingly adjusting their expectations early in the listing process.
"Yeah, so we're seeing actually a little bit earlier than most people might anticipate, kind of in the four or five week range is when price cuts start," Berner said.
Berner said broader market trends are also shifting, with prices leveling off while the number of homes for sale continues to rise. Inventory in Fresno is nearing a key benchmark.
"We're actually almost back to pre-pandemic levels of inventory in Fresno, which is a really important benchmark for the recovery from that shock that we had a couple years ago. And the time on market is slowing," he said.
The change in inventory levels and slower pace of sales mark a departure from previous years, when homes in Fresno often sold more quickly than in many other parts of the country. Now, properties are moving at about the same rate as the national market.
Berner also noted differences between new and existing homes. Newly built houses may sell at lower prices in some cases, partly due to incentives offered by builders.
Many homebuilders, looking to move inventory, are offering mortgage rate buydowns to attract buyers, which can make new construction more competitive.
"And in Fresno, there's a fair amount of new construction happening and happening at price points that are competitive with the rest of the market. So that's something to obviously be aware of," Berner said.
As inventory grows and buyer demand adjusts, the Fresno housing market appears to be moving toward a more balanced environment, with pricing, supply and timing increasingly aligning with broader national trends.
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