Housing Watch: Looking at real estate forecast of Fresno area

FRESNO, Calif. (KFSN) -- Spring typically brings more homes onto the market, so more people are driving around different neighborhoods they're considering moving into.

We dropped in on an Open House near Fresno City College for 5 bedrooms and 2,200 square feet. The home lists for $550,000.

"This house is unique because these clients have been using it as an Airbnb for the last four years and will sell it that way so it can come completely furnished," says realtor Julie Fulcher.

Fulcher has noticed a softening of the market since last year but says fairly priced, well-maintained homes still draw plenty of interest.

"We're still getting multiple offers," she said. "Probably three to five within the first five days, whereas it used to be in those five days, you'd get 20 offers."

Fresno Association of Realtors President-Elect Brian Domingos says the median price of a home in Fresno is $428,000 while in Clovis, the number is $566,000.

But he believes we are headed towards a more stable market.

"I think the market from an appreciation standpoint is going to cool down," he said. "I don't think we're going to continue to see the rise as quickly as we have in values. They're projecting 3-4% vs. 20% appreciation we've been seeing per year."

Rising interest rates have impacted how much home families can afford. But Domingos says that shouldn't deter you from buying.

"I wouldn't let external indicators predict about too much what you do," he said. "If you need a home and you're looking to relocate, maybe want to be closer to family and be easier on your life to be closer to your job, whatever your situation is, make the move."

Domingos was also encouraged to see the seasonal rise in housing inventory - moving up to a month's supply.

A three months supply though is considered "healthy."

With the turbulent stock market and other troubling economic indicators, Domingos adds real estate has always been a hedge against inflation.
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