The strong and fast climb in the median price of an existing home in Fresno County and other communities nationwide this summer is starting to slow down.
Fresno’s median home price increased slightly to $184,000 last month from $183,870 in July, according to a monthly housing report released Monday by the California Association of Realtors.
Tulare County home prices followed the same trend increasing to $158,460 in August from $157,140 the month before. But Kings County saw a strong jump in median home price to $184,000 from $173,330.
The only odd ball was Madera County where the median home price fell to $170,000 from $175,710, the report said.
Home sales are also slipping although that’s not unusual in Fresno where there has been a low inventory of houses for sale this year.
Home sales were down 4.5% last month in Fresno. Madera and Tulare saw sales fall by 5% and nearly 11% respectively. In Kings County, home sales increased 26.5%.
The change of pace in home price appreciation and sales is expected as the housing market heads out of the busy months and into fall, said Leslie Appleton-Young, the association’s vice president and chief economist.
“As housing supply loosens up with the seasonal slowdown, annual home price increases are expected to taper as we’ve observed in the last two months,” Appleton-Young said.