The median price for a home in Bakersfield jumped a record $18,000 in May to just under $228,000.
Affiliated Appraisers owner Gary Crabtree says demand is being driven by low interest rates and reduced mortgage qualifications.
“We had been in somewhat of a static market, then, all of the sudden, we’re starting to see some rapidly-increasing prices,” he said.
Crabtree doesn’t think the growth is sustainable, however, saying the market has yet to respond to oilfield layoffs.
– Anthony Pollreisz