The law of supply and demand is at work in the residential housing market in Fresno and Clovis.

The number of homes for sale fell 47% from August 2008 to August 2009, while the number sold increased 10% during the same period. The result has been a leveling off and slight uptick in the median price, according to figures released by the Fresno Association of Realtors.

The median price fell from $195,000 in August 2008 to under $130,000 in February before climbing in August 2009 to $160,000. That's a decrease of 18% year over year, but a jump of 23% since the low point.

The median price has been stable or climbing since April as more people took advantage of low interest rates and low prices to bid up values of bank-owned properties.

"There was a lack of inventory," said Jared Martin, association president.
He said that demand is so strong that real estate agents in the central San Joaquin Valley want banks to release more properties for sale.

They may get their wish if banks are piling up foreclosures as much as some experts say.