After an initial dip because of the COVID-19 pandemic, the California housing market is booming.
The California Association of Realtors released its year-to-year report for October with three key points: sales are up, the average home prices has remained over $700,000 and the supply is the lowest since 2004.
In the Central Valley, existing home sales are up 9.9 percent year-to-year, and the average home price is up to $395,000, a 14.7 percent increase.
Homes in the Central Valley are moving fast as the median number of days a listing is on the market comes it at seven. The unsold inventory index is reported at 1.8 months, far below the 6-8 month range that is considered normal.
The sales price to list price ratio is 100.1 percent, meaning sellers are receiving offers that match what they are asking for.
Here’s a look at the month-to-month and year-to-year median sale price data for Central Valley counties:
| Oct. ‘20 | Sep. ‘20 | Oct. ‘19 | Price MTM% Chg | Price YTY% Chg | Sales MTM% Chg | Sales YTY% Chg | |
| Fresno | $331,500 | $325,000 | $287,000 | 2.0% | 15.5% | 9.8% | 6.7% |
| Kern | $295,000 | $292,000 | $262,000 | 1.0% | 12.6% | -1.2% | 13.4% |
| Kings | $290,500 | $264,000 | $251,000 | 10.0% | 15.7% | 8.9% | 37.5% |
| Madera | $302,750 | $331,120 | $299,950 | -8.6% | 0.9% | -7.5% | 18.5% |
| Merced | $322,500 | $300,500 | $285,000 | 7.3% | 13.2% | 18.0% | -10.0% |
| San Joaquin | $431,440 | $435,000 | $375,500 | -0.8% | 14.9% | 10.5% | 9.8% |
| Stanislaus | $377,000 | $375,000 | $343,000 | 0.5% | 9.9% | -1.0% | -3.4% |
| Tulare | $283,000 | $275,000 | $255,000 | 2.9% | 11.0% | -2.8% | -6.6% |
