Are Clovis Home Prices Stabilizing?

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Clovis Real Estate News

September 2nd, 2009

soldhome According to a new survey of real estate professionals, many Realtors think that home prices will remain the same for the next six months. What does this mean for Clovis?

According to the survey, more than 69% of the 1,100 practitioners surveyed said they were convinced that home prices have hit bottom. Is that true of Clovis? Below are the housing statistics for homes sold in Fresno County in July.

Median home price for July ‘09: $146,707 (up from $140,263 in June ‘09)
- Change in home price vs previous month: +4.6% or $6,444
Median home price July ‘08: $200,719
- Change in home price vs. July ‘08: -26.9% or -$54,012
Number of homes sold in Fresno County: +35.1% more sold than July of ‘08
- Number of homes sold in Fresno County in July vs. June: -2% less

What does all of this mean to Clovis home sellers and buyers? The results are mixed. The number of homes sold compared to July of last year has increased dramatically, but because the majority of these sales are foreclosures with rock bottom prices, the medium price of homes continues to fall. In other words, as long as there are foreclosures on the market, home prices in Fresno County and Clovis will continue to struggle.

Let us know what questions you have about the Clovis real estate market. We’ll be glad to share our knowledge.

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This entry was posted on Wednesday, September 2nd, 2009 at 8:02 AM and is filed under Buyer Info, Current Home Values. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.