Visalia new home permits, commercial construction also slowed
Sales of existing homes in Tulare County took a tumble in June says the Tulare County Association of Realtors. June typically is a busy time for home transactions but this year with the backdrop of high interest rates, Tulare County completed home sales fell from 263 in May to 198.Vislalia sales also fell to just 86 compared to 178 in June 2022 and 116 in May 2024. The median sales price in Visalia fell to $400,000 in June – down from $411,000 in May 2024.
This week the mortgage rates in California are 7.014% for a 30-year fixed loan, 6.284% for a 15-year fixed, and 7.745% for a 5-year adjustable-rate mortgage (ARM).
Tulare County Association of Realtors chart
Meanwhile the slowing trend can be seen in new home permit activity in recent months in Visalia. In the earlier part of the year new home permits were ahead of last year’s pace, but in May and now in June the number of new home permits has fallen behind last year’s pace for the same months.
Slowdown seen
According to Construction Monitor, Visalia has permitted 134 new single-family homes so far in 2024 at of July 1. For the same period in 2023, the city permitted 180 new homes.
More slowdown in commercial building as well during the first six months of the year the value was $72.8 million – half the number in the same time period in 2023 whe commercial construction in Visalia was $ 141.7 million. Commercial valuations are harder to spot trends considering one large warehouse project in the industrial park can be valued at $100 million all by itself.
More slowdown in commercial building as well during the first six months of the year the value was $72.8 million – half the number in the same time period in 2023 whe commercial construction in Visalia was $ 141.7 million. Commercial valuations are harder to spot trends considering one large warehouse project in the industrial park can be valued at $100 million all by itself.
A new City of Visalia monthly report says the city permitted 94 new multi-family permits in June taking the total to 323 units so far this year – well ahead of last year’s 12 units pace. Single family home permits are down 16% from last year.