Easy Read: Clovis Zip Code 93619 Data

Notwithstanding the difficulties brought on by high mortgage rates, the housing market in Clovis, California's 93619 zip code is demonstrating resilience and stability as we head into 2023. This blog post will give an overview of the current housing market in the Clovis 93619 zip code and explain why it's still a great time to purchase or sell a property using data from the Redfin Data Center, the Bureau of Labor Statistics, and the 10-year Treasury.

Housing Market Statistics
The median sale price of a home in the 93619 zip code is $585K, up 8.3% from the previous year, according to the Redfin Data Center. Also, the number of residences sold has climbed by 9.4% since last year. In addition, properties in Clovis' 93619 zip code spend an average of only 23 days on the market, which is shorter than the 43-day national average.

Inventory and rivalry
Although there aren't many properties for sale in the 93619 zip code, there is still a sizable supply. But, buyers are up against fierce competition because multiple offers are more prevalent in some price categories. This indicates that sellers often have the upper hand in negotiations and can swiftly and profitably sell their property.

Employment and the economy
Clovis' 93619 zip code has a robust job market, with numerous well-paying positions in sectors like healthcare, education, and technology available. The local economy is doing well as well, with a strong emphasis on entrepreneurship and small business growth. These elements support a stable and expanding housing market.

Affordability
Contrasted to other parts of California, the 93619 zip code is still reasonably priced despite rising housing costs. First-time homebuyers may be able to benefit from government initiatives like FHA loans, which have more lenient credit standards and a lower down payment requirement.

Stats on CPI and Inflation
The Los Angeles-Long Beach-Anaheim metropolitan region, which contains the 93619 zip code, saw an increase in the Consumer Price Index (CPI) for all items of 5.1% over the previous year, according to the Bureau of Labor Statistics. Despite the fact that this is a sizable increase, it's crucial to remember that the CPI as a whole has historically increased by an average of 2.8% year since 1913. As a result, the current inflation rate is higher than with earlier periods.

Rates of Interest
A significant predictor of mortgage interest rates is the 10-year Treasury, which has been gradually increasing recently. But, now is still a great time to purchase or sell a property in the 93619 zip code, even with increased loan rates. A 2/1 BuyDown Program is available to buyers who can obtain a mortgage, and sellers profit from the high demand and little supply.

Conclusion
High loan rates present obstacles, but the housing market in the 93619 zip code is nonetheless strong and stable. It is a great time to buy or sell a house in this area thanks to a healthy supply of homes, a solid job market and economy, and government initiatives to help first-time homeowners. While buyers can still find inexpensive options and benefit from reduced loan rates, sellers can use the present market conditions to receive top dollar for their properties.

Data Sources:

• • Redfin Data Center, Select 93619 Zip Code: https://www.redfin.com/data-center
  • Bureau of Labor Statistics: https://www.bls.gov/
  • U.S. Department of the Treasury: https://www.treasury.gov/Pages/default.aspx