Fresno Bee Newsroom Blog

Real Estate: Valley home prices up in December

The median home price in Fresno and other cities across California showed strong gains in December, according to a monthly sales report from the California Association of Realtors.

In Fresno, the median home price was $157,620 last month compared to $148,240 in November, the report said. Kings and Tulare counties also saw an upswing in home prices as did Madera County, but that’s not surprising.

Last June, a report by the owner of the Case-Shiller real estate indexes predicted the Madera-Chowchilla area to have the nation’s fastest increase in prices – about a 16.5% increase – for sold homes between the fourth quarter of 2012 and the end of this year.

Looks like Madera home prices are already making that big jump. In December, the median home price in Madera increased 27% to $144,290 compared to $113,330 the month before.

Association officials say there was a rush to complete home sales at the end of the year amid worries about how the fiscal cliff would affect the housing industry this year.

Other factors pushing prices up include a demand among homebuyers and investors to take advantage of mortgage interest rates that still remain at historic lows and affordable prices on houses, officials said.

To see how your county home prices fared, visit the California Association of Realtors.

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