Bakersfield’s indoor market continues to cool | New

Higher interest rates are having the expected effects on home prices in Bakersfield, as prices and sales volume fall in line with national and regional trends that observers see as the market stabilizing after two years of bumper demand.

The median price of an existing home in the city fell 3.9% last month to $365,000, while that of a new home in Bakersfield fell 5.3% to $447. $500, according to the latest update from local appraiser Gary Crabtree. Statewide, the existing median would be 3.5% lower at $833,910.