Fresno is ranked as one of the nation’s top 10 cities with the greatest year-over-year home price increase, according to a report released by online real estate website Realtor.com.
The median listing price for a Fresno home increased 23.8% in December compared to the year before placing the city at No. 10 on the list.
Six other California areas did better including Oakland, Orange County and hard-hit Stockton which came in at the No. 1 spot with a price increase of 47.3%, the report released Tuesday said.
"Bidding wars and all-cash offers left many home buyers empty handed after the summer home buying season,” the website’s president Errol Samuelson said in a news release. “In fact, many buyers remained in the market throughout the fall in an effort to get ahead of the competition – extending the summer season and making housing indicators resilient to usual seasonal patterns.”
But Samuelson warns that while the market is still showing strong demand, new mortgage qualification rules and the implementation of the Affordable Care Act could affect the housing market this year.