New report reveals prices on homes in Fresno and Clovis area are on the rise

FRESNO, Calif. (KFSN) -- Local home prices remain healthy and showed no signs of slowing down to start 2017.

Fresno area prices rose seven-percent in January according to the latest study by real estate firm Corelogic.

"They say seven-percent-- that's probably a little bit on the low side," said Nick Barayuga, Sierra Pacific Mortgage.

The Fresno increase was slightly higher than the nationwide home price gain of 6.9-percent from January of last year, and through the roof when compared to the state average of 5.8-percent.

Real estate experts say low for sale inventory and a shallow pool of rental properties has markets like Fresno seeing housing prices outpace inflation.

"There's only a few months of inventory on the market, before, when in the worst case we had one year-- two years of inventory during the total down time but now," said Barayuga. "Still a very good, very attractive time wise for people to buy houses; it should be steady as long as the inventory keeps hitting the market."

New homes remain an attractive option for many buyers. Fresno area developments have seen a surge in sales as of late

"In the last month we've probably had at least 20 sales," said Nancy Vartanian, Wilson Homes.

Vartanian is a sales associate with local builder Wilson Homes and according to her; buyers have been scooping up new homes at an accelerated rate since her Clovis office opened five months ago.

"As a first time home owner myself I've looked at all the builders. I'm just excited about new activity-- I think it's really good to see an up curve coming because for so many years not knowing what the market looking like. I think it's a lot of excitement with new buyers right now."

Experts predict mortgage rates will remain relatively low at around four-percent and stay below five for the rest of 2017.