Home Prices Up, Selling Fast in Fresno County

Home prices are up and houses are selling fast in Fresno County.

"We’re slammed actually. We’re probably having one of the best months we have had in the last few years," Eric Becerra with Alterra home Loans said.

Homes are selling so fast many agents are only willing to show them to buyers who are pre-qualified for a loan.

"There were a lot of houses that had bidding wars because they were going so quickly," Tiffany Bremer said.

Bremer just bought a house in Northwest Fresno that she loves but was surprised when she first started looking.

"I though we were going to find something quickly I thought there would be a lot of homes out there and there are but depending on the area you want you may be very limited," Bremer said.

The lack of homes for sale is creating competition among buyers. This is pushing up prices. The average home sale price today is $ 239,000. In June of 2012 it was just $ 160,000.

"It’s kinda a perfect storm actually because interest rates are low, home prices are affordable and there are a lot of down payment assistance programs," Becerra said.

Many believe this is a sign the market is returning to normal.

Of the homes for sale, 91 percent are traditional sales and just 9 percent are foreclosure or short sale.

"The great part about that is 91 percent of our market are reinvesting locally. That seller turns into that buyer," Don Scordino with Realty Concepts said.

Scordino says with interest rates around four percent it’s a "moving up" market. An opportunity for sellers to move to bigger and nicer homes.

"When interest rates are so close to zero for a 30 year fixed rate mortgage I say now is the time to buy," he said.