October Update: Home Sales Rebound After Five-Month Slide
Home Sales Rebound After Five-Month Slide
California home sales rose nearly 7% in September year-over-year, reversing five months of annual declines. The number of homes sold was the highest since February.
The housing market continues to deal with economic uncertainty, with some buyers holding off on making major purchases or waiting to see what happens with mortgage rates.
However, other indicators show the housing market may start to pick up again like the recent increase in sales activity.
Local trends: We are seeing that trend pick up in Fresno and Clovis, with the number of homes sold increasing by 8% compared to last year.
Inventory is lingering on the market longer but remains relatively low in supply.
Prices are going down slightly overall, and many listed properties are experiencing price reductions (42% of homes listed in Clovis had price cuts, while 43% of homes in the City of Fresno did).
This shows there are good deals available for buyers, but it requires negotiation—something we specialize in at Townsend Properties!
What’s next: The health of the economy will be a critical factor for what happens next in the housing market. As will mortgage rates.
Mortgage rates are getting cheaper and are nearing a three-year low with the current average 30-year fixed rate around 6.3% (down from nearly 7% earlier this year).
For homebuyers, this could mean lower monthly payments — and a chance to afford more house for the same budget.
Agencies like Fannie Mae expect mortgage rates to keep trending down through the rest of 2025 and into 2026.
What This Means for Buyers and Sellers
Buyers: Late fall and winter is often the best time to buy, with fewer buyers in the market, leading to better deals. Locally, a high share of listings are seeing price reductions—giving you leverage to negotiate.
Sellers: Sentiment for selling is lower than in the last few years, but easing mortgage rates could attract more buyers. Pricing strategically remains key. Want to assess your home’s value? Ask us!
Fresno County Market Update
In Fresno County, prices rose slightly to a median price of $445,000, a minor increase since our last email update.
Prices are up 3.5% compared to last year and the number of homes sold increased by 8%, showing the market is picking up.