The number of homes for sale in July (1,509) was up 5.7% over June (1,427), but down 23.1% compared to July 2022 (1.962).
Low inventory continues to be the big story in the Fresno market. Less homes available creates competition among buyers. That competition increases home prices.
The number of homes sold in July (790) was down 12.7% compared to June (905), and down 12.5% compared to a year ago (903).
While inventory is low, homebuyers are feeling the pressure of higher interest rates, which reached a 20 year high in August.
The average of days on market in July (30 days) was down 14.3% compared to June (35 days), but up 50% compared to July 2022 (20 days).
Year over year, homes are sitting on the market a little longer.
The average of sold price of homes in July ($444K) was slightly down 2% compared to June ($453K), and up 1.1% compared to July 2022 ($439K).
Even with limited inventory, the market has flattened out, which for buyers is a healthy relief from the wild increases of the past two or three years.
There were 1.9 Months of Inventory in July, up 19% compared to June (1.6 months)), and down 13.8% compared to July 2022 (2.2 months).
Real Estate economists consider five to six months of inventory (available homes to buy) a balanced market. We are still in a sellers’ market. Higher interest rates are creating pressure in two opposing directions. The rates deter current homeowners, who want to keep their lower rates, from buying a different home – so they do not list their homes and inventory remains low. At the same time, buyers are either waiting to buy or choosing less expensive homes to keep their mortgage payments affordable.
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Data gathered from Fresno Multiple Listing Service.