Fresno is one of nine California cities on a list of the highest performing housing markets nationwide when it comes to home prices, according to Clear Capital, a real estate data company based in Truckee.
That’s quite a turnaround from 2011 when Fresno’s home prices struggled to gain ground placing the city on the company’s list of lowest performing cities.
Liz Kuchinski, president of the Fresno Association of Realtors, was surprised to hear the news.
“The market has softened some” this year with no big price gains compared to last year’s double-digit increases, Kuchinski said. “It’s not a bad market by any means, but we certainly are not the top market.”
Fresno ranked seventh among the top 15 cities on Clear Capital’s home data index market report released on Monday. The metropolitan area saw a 2% price increase in the first quarter of this year compared to the last quarter of 2013, the report said.
The Riverside, San Bernardino, and Ontario area was No. 1 with a 2.4% increase. Other California cities that made the list include Sacramento, the Oxnard, Thousand Oaks and Ventura area, Bakersfield, the San Francisco area and several southern California cities.
At the end of 2011, Fresno was No. 5 on the lowest performing list when home prices fell 2.3% in the third quarter of the year compared to the previous quarter.
Clear Capital analysts say home prices are expected to stabilize this year and return to its normal 3% to 5% annual growth. Gone may be the days of double-digit price increases.
“We’re not going down or going up,” Kuchinski said. “That’s actually good because we moved up pretty fast for a while.”