February Update: Home Sales Up With Rising Buyer Confidence
Home sales are finally picking up again after a year of low volumes.
The number of homes sold has increased more than 15% since last year, a sign that more sellers are comfortable listing their homes.
New trend? This is the first time in nearly three years that home sales have increased year-over-year. Low inventory has been the defining feature of the housing market for the last couple of years.
Buyers who had been waiting appear to be more confident after mortgage rates dropped at the end of 2023. And sellers are less worried about being able to find a new home.
On the horizon: Mortgage rates have risen slightly over the last month, so whether the trend continues remains to be seen. But timing the housing market is notoriously tricky, so waiting to see what happens with interest rates may not always pay off.
The busiest time of the year for home sales is coming up: spring.
Better weather and moving when school is on summer break help make the spring months the most popular.
For buyers, that means more inventory and choices.
For anyone looking to sell, small steps like improving curb appeal, decluttering rooms, and updating your home with neutral paint colors can all help maximize your sales price.
Fresno and Clovis Market Update
Fresno County’s median home price inched up to $406,000—a 2% increase from the prior month but more than 8% higher than a year ago.
The total number of homes sold is increasing again, up more than 15% since last year, a sign that the market is picking up again.