Subdivisions in Fresno Area Increased 27%

The number of new single-family subdivisions in the Fresno/Clovis area jumped 27% last year from 1986 levels, according to a report issued by the Valley Business Center, part of the California State University, Fresno School of Business and Administration.

The average price of a new home in the area dropped to $105,000 last year from $154,000 a year earlier, primarily because nearly half of the 70 new subdivisions featured homes priced below $100,000, the report said.

Permits for multifamily residential projects dropped 69%, as developers delayed plans while awaiting the outcome of the new tax laws. About 69% of all new apartments built in the area last year were in northwest Fresno and Woodward Park.

Despite the decline in multifamily building, more than 44% of all large apartment complexes raised their rents last year, with the most common increase being $10 a month. Increases were more common in older parts of town.

The findings are part of the business center’s annual housing report on the Fresno/Clovis housing market.