Crabtree housing report: 'The recovery is a long way from over'
| Tuesday, Feb 09 2010 11:45 AM
Last Updated Tuesday, Feb 09 2010 11:45 AM
Bakersfield area home prices slipped between December and January, but January was the first month since 2006 that the year-over-year price has edged into positive territory, according to The Preliminary Crabtree Report.
The median sale price of existing single family homes in the Bakersfield area last month was $127,200, down 5.8 percent from $135,000 in December, but up 0.6 percent from January 2009.
"Before we get too euphoric over the price recovery, the evidence still remains that the recovery is a long way from over," said the report's author, Gary Crabtree of Affiliated Appraisers.
Supply is increasing, he said. Total active listings rose 9.9 percent from December to January while sales of existing homes fell 18.8 percent month-over-month and were down 30 percent for the year.
Still, there are some positive signs for the market.
Notices of default in Kern County fell 10.8 percent from 862 in December to 769 in January, according to the Kern County Assessor Recorder's Office.
Foreclosures during the same period fell 24 percent from 724 to 548.
Distressed sales were down 0.7 percent for the month and 19.1 percent for the year.
