Home sales are down in Fresno, but what about prices? New data sheds light on local trends
Home sales in October across Fresno County were down by about one-third compared to the same month of 2021, continuing a trend of fewer homes selling so far this year.
Data from real-estate company Redfin shows that a total of 565 residential properties were sold countywide in October 2022, compared to 848 in October 2021. That’s a difference of 283 fewer sales, or a drop of 33.4%.
That percentage figure represents the 15th largest decline in sales among large metro markets nationwide, according to an analysis by Construction Coverage, a construction-industry research company.
The overall sales figures include all residential properties, from single-family houses to condominiums, townhouses and other homes.
Among single-family homes, the decline was apparent, but slightly less magnified. Redfin reports that 535 houses were sold in October 2022, down about 31.5% from the 781 homes sold in October 2021. The 535 sales this past October were the fewest homes sold in a month since February 2020.
Home sales through the first 10 months of 2022 in Fresno County are down about 13% from the same period last year.
But while sales are down so far in 2022, the median prices of homes have consistently been higher each month than in 2021. The median selling price – the midpoint at which half of homes sold for more and half for less – in October 2022 was $399,000, according to the Redfin data. That’s about $17,000 higher than the October 2021 median selling price of $382,000.
October was only the second month so far in 2022 in which the median price has come in below $400,000. In no month last year did the median price reach or exceed $400,000 in Fresno County.
The pace of sales also slowed down this fall from what was a frantic pace through much of 2021 and this past summer. The median number of days that homes were on the market before being sold each month in August, September and October of 2022 was at least double what it was in the same months of 2021:
- August: 8 days in 2021, 16 days in 2022.
- September: 9 days in 2021, 22 days in 2022.
- October: 11 days in 2021, 24 days in 2022.
