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Home prices slide as local market enters slow season

20220731-bc-economy

In this photo from late July, construction of rows of new homes is underway in a neighborhood development near the corner of Calloway Drive and Seventh Standard Road.

Bakersfield's cooling home market moved solidly into off-peak season last month with a drop in demand that coincided with rising supply to punctuate what has been an up-and-down year for local housing.

The annual slowdown in home sales was magnified by the effects of rising interest rates, resulting in a decline of 2.5 percent in the median price of an existing home in the city, which finished September at $365,000, or 7 percent more than a year before, according to a new report by local appraiser Gary Crabtree.