February home prices creep up ... but might not stay there
| Thursday, Mar 05 2009 08:52 PM
Last Updated Friday, Mar 27 2009 12:59 PM
Local home prices inched up in February from January’s number, but the increase can’t yet be seen as evidence the market has bottomed, a monthly market report from appraiser Gary Crabtree released Thursday found.
The median price for existing single-family detached homes in Bakersfield’s metro area was $130,000 last month, a $5,000 jump from January’s median, the Preliminary Crabtree Report said..
Still, the number was more than 44 percent lower than February 2007’s median of $235,000.
Crabtree said a similar post-winter price bump happened in February 2008 and 2007 but vanished in subsequent months. That, and an impending “second wave” of foreclosures — along with rising unemployment and unknown impacts of state and federal fiscal maneuvers — mean it’s too early to call a market bottom.
Other highlights:
• 87 percent of homes that sold were foreclosed or otherwise distressed.
• Price-per-square foot fell to $88.79.
• Supply fell and more investors entered the market.
