The New York Times runs an interesting analysis of “Housing’s Rise and Fall in 20 Cities.” Their S&P Case-Shiller report, takes a look at the median sales price of homes over the past decade. You can read their interesting article by clicking HERE.
One thing you’ll probably notice is that none of the 20 cities in the report are located in California’s Central Valley. Guarantee Real Estate was wondering how our local market would compare to other major cities. Here’s a graph using the Case-Shiller format showing “Housing’s Rise and Fall for the combined cities of Fresno and Clovis.”
One thing of interest not mentioned in the Case-Shiller analysis is the increase between the low-point to current values. In Fresno/Clovis, median prices have increased 35% from the low point in 2011 when the median price in June was $140,000, to June 2013 when the median was $189,450.
All that said, the median sales price should be watched to give an indication of home values going up or down. It of course does not affect an individual home at exactly the same rate. However it is obvious by the multiple offers we are receiving on homes that prices will likely continue to go up. Please contact a Guarantee Real Estate agent if you would like an update on the value of your home. You can also request a free home valuation report on the web at guarantee.com/value.