California Housing Prices Has Finally Cooled Off Now That Summer's Over

The California Association of Realtors says that housing prices has cooled off after the prices have remained at its peak all throughout the summer. The home prices fell across the state of California including San Joaquin Valley.

FresnoBee states that in Fresno alone the median price of a single-family home has decreased a little bit. The price is now $222,660 (from August) as compared to $223,860 in July. Report says that the "home sales fell by nearly 12 percent month-to-month, but still remained 12.5 percent higher compared to last year." The figures are especially true in the counties of Kings and Madera, wherein "a 5.3 and 4.2 percent fall in home prices month-over-month" respectively.

In Tulare County, there's an increase of 2.4% in its housing prices. "Home prices are finally increasing at a healthier pace, and the smallest year-over-year statewide median price gain in nearly three and a half years suggests that home prices are stabilizing," said Chris Kutzkey, association president of California Association of Realtors.

In addition, report states that the Valley has remained in a "bright spot" since the housing prices are very affordable and the housing supplies have maintained a healthy number. In contrast with San Francisco, the home prices are very expensive plus there are too few sometimes none at all in its inventory. Conversely, the California Association of Realtors cautions the home buyers that "economic changes and international events can affect the housing market."

Realty Biz News recaps the highlight of the Housing Information Data that have been released by the California Association of Realtors. The magazine says that the "existing, single-family home sales totaled 431,800 in August on a seasonally adjusted annualized rate, down 3.8 percent from July but up 9.3 percent from August 2014."

The report also mentions that the statewide sales were more than the 400,000 mark for the last 5 months. In the entire state of California, the median home prices was already "was $493,420, up 1 percent from July and 2.5 percent from August 2014." As for the sales of condominium and town houses, it had gone up almost 10% from last year, and it has gone ahead 6.6% at present.