Local existing home sales fall 7.2 percent month-over-month
| Friday, Sep 04 2009 04:28 PM
Last Updated Friday, Sep 04 2009 04:30 PM
Sales of existing homes in and around Bakersfield fell 7.2 percent from July to August, but the median sale price was nearly flat, increasing 0.2 percent.
That's according to The Preliminary Crabtree Report, compiled monthly by Gary Crabtree of Affiliated Appraisers.
A total of 572 existing homes sold in August, with a median sale price of $133,250.
Existing home sales were down 11.6 percent from a year ago, and the median price for existing homes was down 25.9 percent from the same period last year.
August prices "point to a market that has bottomed and continues in, for the most part, a stable state of balance," Crabtree said.
Supply is falling slightly, and there's about two months' worth of unsold inventory, he said.
Foreclosures fell 15.2 percent from July to August, and were down 38.1 percent compared with a year ago.
Distressed sales -- that is, homes sold by lenders or sold for less than the mortgage holder owed -- were down 3.1 percent from July to August.
Sales overall are likely to slow in the coming months, as there's usually a seasonal dip in volume of about 30 percent over the winter, Crabtree said.
