Fresno has been ranked 15th on Construction Coverage’s list of the hottest housing markets in the United States, driven by strong demand, competitive pricing and faster-than-average home sales.

“Fresno stands out because it’s seeing strong demand relative to supply,” the author of the survey said.

Local loan officer Paul Salazar said the ranking was not surprising, citing Fresno’s comparatively lower home prices compared with other California cities.

“That and the location. Literally, because it’s too high down in the south, too high down north, and on the coast, just forget about it,” said Salazar, a loan officer with American Pacific Mortgage.

“It doesn’t surprise me, but it is kind of neat to see it happen it happen right before your eyes,” he said.

Market competitiveness played a key role in Fresno’s placement on the list.

According to the survey, 35% of homes sold in the city over the past year went for more than the asking price.

Salazar said buyers relocating from higher-priced areas can afford to be more aggressive.

“Now when people come into a market where the price of housing is lower, they can afford to go ahead and $50,000 above asking price, $25,000, whatever it is, they can able to be more competitive,” he said.

The survey found that Fresno homes stay on the market for an average of 37 days, compared with the national average of 48 days.

Home prices in the city are up about 3% from a year ago.

Salazar added that seasonal factors are also playing a role in buyer activity. He said spring typically brings increased interest from families looking to move.

“I see my ‘pre- quals’ are up because of the fact you have people now getting their tax return money. They’ve already paid off their Christmas debt, so they’re ready to look for a home,” Salazar said.

According to the survey, the hottest housing markets overall include San Francisco, San Jose, Minneapolis and Virginia Beach.

More than half of the homes available in the Bay Area are selling for above the asking price.

In San Jose, homes are being sold in an average of 17 days, highlighting the continued intensity of competition in some of the nation’s most expensive markets.

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