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Clovis Real Estate News

October 29th, 2009

September Clovis Home Prices Down 7%

Clovis, CA Home pricesThe California Association of Realtors (CAR) just released its September housing market data for California.  The results?  September home sales in California increased 2.1% while the median home price declined 7.3% from a year ago.  But what about the Clovis real estate market? How did Clovis homes perform?  Find out below.

CAR Report Highlights

According to CAR’s report, the good news is that California home sales increased 2.1% in September compared with the same period a year ago.  Also, median home prices increased 1.1% from the previous month – August, 2009.  Nevertheless, the median price of of CA homes still declined 7.3% from a year ago.

That didn’t stop CAR from being optimistic.  “A new milestone was reached in September, when five C.A.R. regions reported positive year-to-year increases in the median price, the first such increase since January 2008,” said C.A.R. Vice President and Chief Economist Leslie-Appleton-Young.  “September also marked the seventh consecutive month of month-to-month increases in the statewide median price and the first single-digit decline in the year-to-year median price since October 2007, after 22 consecutive months of double-digit decreases.”

Other good news statewide included:

  • The Unsold Inventory Index for existing, single-family detached homes in September 2009 was 4.2 months, compared with 6.5 months for the same period a year ago.  The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
  • Thirty-year fixed-mortgage interest rates averaged 5.06% during September 2009, compared with 6.04% in September 2008, according to Freddie Mac.
  • The median number of days it took to sell a single-family home was 33.6 days in September 2009, compared with 46.2 days for the same period a year ago.

Clovis Real Estate

Every housing market in California is different.  For example, what’s happening in the San Francisco real estate market may be better or worse than the Clovis real estate market.  In other words, it’s important to know the facts of the Clovis real estate market, not just California overall.

So how did Clovis homes fair in September?  The chart below shows Fresno County September 2009 home prices compared to September 2008.  Clovis fared worse than much of California and Fresno County.  Clovis median home prices for September was $250,000, down 16.2% from a year earlier.

Clovis Home Median Home Prices

What does this mean for Clovis sellers and buyers?  It depends on your strategy.  It’s still a great time to buy a Clovis home.  However, with the Fall home buying season approaching, there may be an even better time to buy in the next few months.

Keep in mind, however, that you’re not buying a pair of shoes on sale.  You’re looking for a home to share with friends and family.  For some Clovis buyers, hoping to save a few thousand dollars isn’t worth passing up their dream home and letting someone else buy it, whereas for other buyers saving as much money as possible may be the goal.  Also, remember that interest rates are predicted to increase in 2010 so you may actually pay more for your mortgage if you wait (see, CAR: “Home Prices to Increase 3% in 2010″).

Clovis Realtors

The Clovis real estate market is constantly changing.  If you’re in the market to either sell or buy a Clovis home, you need Clovis Realtors who not only know real estate, but know the Clovis real estate market.  We’re ClovisExperts.com.  We specialize in Clovis homes so you can sell or buy a Clovis home for the best possible price.  Contact us via phone, email, or text message when you have a Clovis real estate question or need.

Clovis Real Estate − "The Clovis Home Experts"

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This entry was posted on Thursday, October 29th, 2009 at 8:20 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.

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Clovis Real Estate – The Clovis Experts