Business RSS Feed
Print Story
E-mail StoryMedian home prices slip to July 2004 levels
| Wednesday, Aug 6 2008 7:16 PM
Last Updated: Thursday, Aug 7 2008 7:26 AM
A snapshot of Bakersfield’s home sales in July shows a jump in volume fueled by bank-owned properties and declining prices, according to a report from local appraiser Gary Crabtree.
Our readers recommend:
Loading Stories
Graphics:
Existing single family price trend, from the Preliminary Crabtree Report by local appraiser Gary Crabtree.
Bakersfield single family home sales volume, from the Preliminary Crabtree Report by local appraiser Gary Crabtree.
Related Stories:
Crabtree’s preliminary analysis of single-family sales in the metropolitan Bakersfield area included these highlights:
• July’s 484 sales sagged slightly from June’s 546, but were up more than 52 percent from the previous year’s tally of 317 sales.
• Distressed sales — foreclosed homes and short sales — accounted for almost 70 percent of July’s sales. A year ago, distressed sales accounted for 14 percent of the market.
• Median price, at $190,000, marked a return to July 2004 levels.
• By several measures, prices have dropped 30 percent or more since July 2007. Median price dropped 31.6 percent; average price 32.1 percent, to $213,900. Price-per-square-foot fell 30.1 percent to $124.36.
• Similarly, prices declined about 4.5 percent from June’s numbers.
• In dollars, Bakersfield’s average home declined $10,000 from June’s value and $101,000 from July 2007 figures.
• Foreclosures in the Bakersfield area have cost lenders more than $200 million since September, Crabtree estimates.