August Update: Prices stabilize and refinancing on the rise

With summer ending, the latest trends show the Fresno and Clovis housing markets are transitioning from rapid growth to a more balanced phase. 

• Home prices are stabilizing and are relatively flat compared to one year ago, giving buyers and sellers a chance to adjust. 

• Fresno is lagging behind the Bay Area and Southern California, which continue to see rising prices. This is likely a sign of reduced remote work opportunities that have drawn many new families to our region. 

 
Refinancing increasing: Recently, a significant drop in mortgage rates has led to a surge in refinance applications—up 118% from last year. 

• Average rates are nearing 6% and could decline further depending on what happens with the Federal Reserve’s expected decision to lower interest rates.

• A trend to watch: If you have a high-interest loan, this will be an essential trend to monitor, as refinancing could reduce your monthly payment.

What's next: As the market adjusts, expect strategy shifts from buyers and sellers. 

• The refinancing boom may prompt more homeowners to stay put, keeping inventory tight.

• New construction--especially in Clovis--is catering to growing demand and is still a good option for buyers.  

• If interest rates decline significantly, expect more buyers to enter the market. 

Market Update 

Fresno County’s median home price dropped to $420,000—down about 2% from last month but up 0.6% compared to a year ago. However, the number of homes sold is starting to rise. Home sales increased 3% compared to the previous month and 6% since one year ago.