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.<\/p>\n
“Fresno stands out because it’s seeing strong demand relative to supply,” the author of the survey said.<\/p>\n
Local loan officer Paul Salazar said the ranking was not surprising, citing Fresno’s comparatively lower home prices compared with other California cities.<\/p>\n
“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.<\/p>\n
“It doesn’t surprise me, but it is kind of neat to see it happen it happen right before your eyes,” he said.<\/p>\n
Market competitiveness played a key role in Fresno’s placement on the list.<\/p>\n
According to the survey, 35% of homes sold in the city over the past year went for more than the asking price.<\/p>\n
Salazar said buyers relocating from higher-priced areas can afford to be more aggressive.<\/p>\n
“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.<\/p>\n
The survey found that Fresno homes stay on the market for an average of 37 days, compared with the national average of 48 days.<\/p>\n
Home prices in the city are up about 3% from a year ago.<\/p>\n
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.<\/p>\n
“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.<\/p>\n
According to the survey, the hottest housing markets overall include San Francisco, San Jose, Minneapolis and Virginia Beach.<\/p>\n
More than half of the homes available in the Bay Area are selling for above the asking price.<\/p>\n
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.<\/p>\n
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