Housing Watch: Where Fresno ranks for cities with dip in home sales

Over 560 homes were sold in Fresno in October of 2022, compared to 848 in October 2021.

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Thursday, January 12, 2023
Housing Watch: Where Fresno ranks for cities with dip in home sales
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565 homes were sold in Fresno in October 2022, compared to 848 in October 2021. The 33.4% decrease was five points higher than the national average.

FRESNO, Calif. (KFSN) -- Housing prices and high interest rates have made it difficult for many people to get their homes sold.

The Valley was one of the country's hottest real estate markets during the pandemic.

But now, Fresno ranks 15th among large US cities where home sales dropped last year - according to Construction Coverage.

"Home sales were down by a little more than a third in Fresno from October 2021 to October 2022, so that's total home sales," says Construction Coverage Editor Michael Welker.

Over 560 homes were sold in Fresno in October of 2022, compared to 848 in October 2021.

The 33.4% decrease was five points higher than the national average.

"At the top of the list was Salt Lake City, which was a big sort of boomtown in the pandemic," Welker said.

Home sales dipped in Salt Lake City by 47.1%

Las Vegas was second at 43.4%, while San Jose saw a decrease of 41.5%.

Welker also looked at the number of days a home stayed on market during that time period.

"For Fresno, it doubled from 11 days to 24 days, and both of those particulars are a little ahead of what we saw nationwide," he said.

Listed homes in the Valley are now staying on the market a little longer than that.

But Fresno mortgage consultant Scott Reba says that also can work in favor of those still in the market.

"More inventory is better for our buyers today," he said. "More opportunities are better for the buyer. Less gap coverage means fewer offers written out of desperation."

The housing cooldown means families can now take a more deliberate approach to homebuying, and sellers are having to make more concessions.

Housing experts expect to see local market conditions return to more normal conditions this year.