Fresno ranks among nation's hottest housing markets, survey finds

FRESNO, Calif. (KFSN) -- Fresno has been ranked 15th connected Construction Coverage's database of the hottest lodging markets successful the United States, driven by beardown demand, competitory pricing and faster-than-average location sales.

"Fresno stands retired due to the fact that it's seeing beardown request comparative to supply," the writer of the survey said.

Local indebtedness serviceman Paul Salazar said the ranking was not surprising, citing Fresno's comparatively little location prices compared with different California cities.

"That and the location. Literally, due to the fact that it's excessively precocious down successful the south, excessively precocious down north, and connected the coast, conscionable hide astir it," said Salazar, a indebtedness serviceman with American Pacific Mortgage.

"It doesn't astonishment maine but it is benignant of neat to spot it hap it hap close earlier your eyes," helium said.

Market competitiveness played a cardinal relation successful Fresno's placement connected the list.

According to the survey, 35% of homes sold successful the metropolis implicit the past twelvemonth went for much than the asking price.

Salazar said buyers relocating from higher-priced areas tin spend to beryllium much aggressive.

"Now erstwhile radical travel into a marketplace wherever the terms of lodging is lower, they tin spend to spell up and $50,000 supra asking price, $25,000, immoderate it is, they tin capable to beryllium much competitive," helium said.

The survey recovered that Fresno homes enactment connected the marketplace for an mean of 37 days, compared with the nationalist mean of 48 days.

Home prices successful the metropolis are up astir 3% from a twelvemonth ago.

Salazar added that seasonal factors are besides playing a relation successful purchaser activity. He said outpouring typically brings accrued involvement from families looking to move.

"I spot my 'pre- quals' are up due to the fact that of the information you person radical present getting their taxation instrumentality money. They've already paid disconnected their Christmas debt, truthful they're acceptable to look for a home," Salazar said.

According to the survey, the hottest lodging markets wide see San Francisco, San Jose, Minneapolis and Virginia Beach.

More than fractional of the homes disposable successful the Bay Area are selling for supra the asking price.

In San Jose, homes are being sold successful an mean of 17 days, highlighting the continued strength of contention successful immoderate of the nation's astir costly markets.

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