Home market takes turn as interest rates rise | News
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. Although the state home price median rose 1.6 percent in May, partly because of continuing strength in sales of million-dollar homes, the volume of sales last month dropped nearly 10 percent month over month, according to the California Association of Realtors. “Higher mortgage rates will lead to more moderations in housing activity while easing price growth, as the market finds more balance between supply and demand,” Anna Albiar, president of the Bakersfield Association of Realtors, said in a statement Tuesday.
