Study: Fresno home prices are climbing

FRESNO, Calif.

From Wall Street to main street. The economy seems to be moving forward, and according to local realtor Don Scordino, home prices are increasing as well.

"The best indicator of value is a willing seller and a willing buyer," said Scordino. "If prices get too low that seller is not willing to sell. So that helps keeps prices up."

The latest data shows home prices in Fresno rose by 1.2% in January 2013 compared to the month before. Nationally home prices rose by .07% in the same time period.

One contributing factor to this recent trend is what realtors call the perfect storm, low prices and low interest rates.

Victor Gonzalez, a sales representative for a Granville's La Ventana development says he has seen sales increase in the last two months, but the inventory of homes on the market is still low causing a single property to receive several offers.

"We have seen a couple of homes out on the resale side that have had five, six, seven, eight offers," said Gonzalez. "So definitely for those who are looking right now, sometimes you have to put in an offer a little bit higher than even what's asked for just because that's the market we are in right now."

Another contributing factor to an increase in home prices is the lack of inventory on foreclosed homes currently at 15 percent when five years ago it was nearly at 75 percent.

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