Bakersfield home market continues to cool | News

Higher interest rates are having the expected effects on Bakersfield home prices as prices and sales volume fall commensurate with state and regional trends that observers see as the market stabilizing after two years of exceptional demand.

The median price of an existing house in the city slipped 3.9 percent last month to settle at $365,000, while that of a new home in Bakersfield decreased 5.3 percent to reach $447,500, according to the latest update from local appraiser Gary Crabtree. Statewide, the existing median was reported to be off 3.5 percent at $833,910.

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