Fresno County median home prices are inching their way back up to the $200,000 mark.
Last month, the median price of an existing single-family home was $199,540 compared to $192,880 in April, according to the monthly home sales and price report from the California Association of Realtors.
In May 2013, the median home price was $167,770.
Fresno home sales stayed steady increasing by only 0.4% in May and falling by nearly 7% compared to the year before, the report said.
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“Since last summer, the market has been transitioning to a slower pace of sales, somewhat higher inventory and less upward pressure on prices,” said Kevin Brown, association president. “Generally speaking, buyers are feeling less urgency to buy as affordability has become more of an issue and lending standards continue to remain tight.”
Home prices in Kings and Tulare counties also increased last month while Madera County saw a 3.2% decrease. All three counties saw a price jump year-over-year.
“While home price increases have tempered over the past few months, prices are still nearly 12 percent higher than a year ago, which is presenting affordability challenges to home buyers,” said Leslie Appleton-Young, vice president and chief economist.
“A tempering in home price increases and the recent drop in mortgage rates, however, should help spark the market in the upcoming months.”