BAKERSFIELD, Calif. (KGET) — The housing market in Bakersfield has continued to show an increase in supply, demand and prices through the month of May, according to a new report by Bakersfield real estate appraiser Gary Crabtree.
Bakersfield’s housing market in April saw a 3.3% increase in demand and a 7.1% increase in supply, the report found. While the increase in demand has slowed compared to the 6.6% in April, the rate of increase in supply has gone up by nearly 3%.
The median price increased by $21,000 to $410,000, marking a 5.2% jump from the previous month. The median price this month is also 3.9% higher than the price in May 2024, according to the report.
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The median price of homes for the State of California in May was $900,170, according to the report. This is 120% higher than that of Bakersfield, but still marks a nearly $10,000 decline for the state compared to the previous month.
The minimum median family income to qualify for a median-priced home is $108,800, which is $10,000 higher than in April. The median family income for California is $218,000, the report shows.
According to the report, the median price of new construction in Bakersfield declined 5.2% to $444,500. This marks a 1.1% decline compared to last year for a volume that was 27% lower than in May 2024.
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The report says this is due to new construction being unaffordable and prices going down.
Interest rates for 30-year fixed mortgages have also gone up to 6.82%, compared to 6.73% in April, the report says.
Kern County and the Central Valley have also indicated growth in the housing market.
Across the entire Central Valley region, there were 9,315 active listings of existing single-family homes, according to the California Association of Realtors. This is 3,164 more listings compared to last April.
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However, the growth in active listings in Kern County was ranked the 12th lowest among all California counties. The county with the biggest housing supply increase was Alameda County, according to CAR.
In terms of home sales, Central Valley ranked 2nd at 22% after Southern California. Despite sales volume increasing in Central Valley, sales in the state dropped 3.4% since the previous month, CAR found.
Buying a home in California is also largely unaffordable, according to a study by WalletHub that compared 300 cities in the United States using data from April. The study said 37 out of the 50 most unaffordable cities in the U.S. to buy a home in were Californian cities.
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Source: https://www.yahoo.com/news/bakersfield-housing-market-continues-increase-173957979.html