Housing Watch: Real estate outlook for 2024 in Fresno

FRESNO, Calif. (KFSN) -- Rising home prices, along with increasing interest rates, have made for a difficult real estate market.

The new year could bring renewed optimism for home buyers.

The Federal Reserve has kept interest rates steady, but industry analysts expect to see mortgage interest rates dip next year.

"The rates have actually come down in the last week or so. The good news is buyers are going to have borrowing power if they can find a home," explained Brian Domingos, a realtor.

Domingos is president of the Fresno Association of Realtors.

After seeing home mortgage rates hit 8% this year, we wondered how low experts thought they could drop in 2024.

"I think we'll be in the 6's. We'd to get closer to 5, but I think '24 they're expecting us to be mid-6, lower 6 throughout the rest of the year," explained Domingos.

Over the past decade, the median price for a home in Fresno has increased 126%.

From $161,000 to $364,000 - that's a $203,000 jump.

The home prices have made it much more difficult for buyers, but Domingos urges you to be patient.

"It can be challenging, but I'd say don't give up. I think a lot of people have the expectation they have to have 20% down, and you don't. The important thing is to talk to a lender and a local realtor who can help," Domingos said.

Domingos hopes the new year brings more home buyers and sellers off the sidelines and back into the housing market.

For news updates, follow Dale Yurong on Facebook and Twitter.