Housing Watch: Fresno's median house prices outperforming last year's numbers

FRESNO, Calif. (KFSN) -- ABC30 is taking action to help you navigate the Central Valley's red-hot housing market.

While the latest numbers show buyers are beginning to gain the upper hand, the competition for homes remains fierce, even when facing record-high prices.

"I think the market is still high. It's coming down but I still think you could get a good price for your house," Iron Key Realtor Danielle Beshwate said.

Following four consecutive months of record highs, Fresno's median home price dipped slightly to $370,000 in July , down from June's $375,000 but up more than 15% from a year earlier.

Beshwate says while the market is showing signs of stabilizing, the short supply of homes for sale will continue to support the elevated prices.

However, sellers hoping to cash in on well above asking price bids should be aware that buyers don't seem to have the same appetite they once did.

"I say people like a month ago were being priced out with bidding wars, having to come in with like $20,000 over appraisal value. But now, we're seeing our buyers are coming in at more of an advantage that they're not competing against say twelve other people," Beshwate said.

While the market has slowed just a bit, house hunters like Corissa Colby say now is not the time to be indecisive as listings in desirable neighborhoods seemingly appear and disappear overnight.

"When its something we like, it's time to go. We can't really dwell and say maybe next week, we'll check it again because they're going quick," said Corrisa Cobly.

There are a number of programs available for those who need help with down payment assistance, however experts warn those type of bids are difficult to get accepted in a competitive market.

"Maybe they can't go over the appraisal value like some of the other offers and it's not a lot of negotiating because you have less money to spend," warns Beshwate.

Experts say the Winter months are typically the slow time for home buying, but we could see a slight uptick as some families were priced out during the frenzy or are taking a wait and see approach after the Summer.
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