Fresno and Clovis home sales up, prices fall
The Fresno and Clovis metropolitan areas saw an increase in the number of homes sold in December, but home prices have fallen.
In December, 630 homes -- which include single-family homes, condominiums and planned unit developments -- were sold in the Fresno and Clovis metro areas compared to 567 in November, according to the Fresno Association of Realtors.
That's a small increase over December 2010 when 607 homes were sold.
The median home price, however, fell to $142,500 last month from $150,000 in November. A year ago, the median home price was $152,500.
Dan Hawkins, association president, was surprised to see home prices fall. He had hoped a $7,000 spike in the median home price between October and November would continue through the end of the year.
"I think prices are continuing to fall because of the distressed market," Hawkins said.
Foreclosed houses and short sales pull in low home prices compared to traditional sales and today's buyers are entering the market looking for the best price, Hawkins said.

Comments:
And as builders keep breaking ground on new homes, prices will keep falling.
Someone needs to give them a crash course in economics. Maybe a case study on the diamond industry?
Posted by: JJJJ at January 19, 2012 12:50 AM
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