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Home market takes turn as interest rates rise

Bakersfield's primary measure of local home prices took a dip last month that observers expect was the first of more to come amid expectations for continuing mortgage rates increases.

After holding steady or gaining in recent months, the median price of an existing home in the city dropped 1.5 percent to settle at $385,000, which was still up more than 20 percent from the same month a year earlier, according to data from local appraiser Gary Crabtree.