Home prices and sales increased in the Central Valley and parts of southern California in December while housing activity in the rest of the state slowed down at the end of 2014, according to the California Association of Realtors.
Areas like San Francisco, which saw a spike in the housing market throughout the year, is now easing up as the inventory of houses for sale tightens, the association said.
Last year “saw a return to a near normal housing market, with sales moving at a moderate pace and home price appreciation growing at more sustainable levels,” said Leslie Appleton-Young, the association’s vice president and chief economist.
In Fresno County, the median price of an existing home sold last month was $204,430 compared to $200,000 in November, the association said. A year ago at the same time, the median price of a house was $190,350. Home sales in Fresno increased by 25%.
Kings County also saw a price increase in December to $195,550 from $192,500 the month before while prices in Madera and Tulare county fell. Sales in all three counties were up last month.