(Angela Greenwood Reporting)
Home prices in Fresno County continue to rise, making some of the biggest gains we've seen since the market crashed six years ago.
While it's good news that the housing market is rebounding, it is making it harder for some buyers to purchase.
Real estate broker Dan Hawkins with Realty Concepts says home prices are at the highest they have been in several years. "The median price starting out in January was $163,000 and at the end of June, the median price was $198,000," said Hawkins. That's a $35,000 jump in just the last six months.
According to Fresno's Association of Realtors, average home prices climbed close to 25% over the last year.
Hawkins says low inventory has helped push prices up, but that also means there aren't enough houses to go around.
Currently there are 765 homes on the market in the Fresno and Clovis area, which is down from nearly 1200 at this time last year.
Hawkins says the market shows no signs of slowing down and home prices will likely continue to rise, and so could interest rates, so he recommends you buy now.
Hawkins also says that unless there is a sudden spike in inventory, he expects prices to continue to go up for the next couple of years.
Keep in mind that while prices have been going up, they are still down 43% from what they were at the peak of the housing boom back in 2006.