C.A.R.’s “2022 California Housing Market Forecast” predicted a 5.2% decline in existing single-family home sales to 416,800 units, down from the projected 2021 sales estimate of 439,800 units. Their forecast for California median home prices was for a rise of 5.2% to $834,400 in 2022.
Are home prices dropping in Bakersfield CA?
In September 2022, the median listing home price in Bakersfield, CA was $382K, trending up 17.5% year-over-year. The median listing home price per square foot was $218. The median home sold price was $360K.
Are home prices expected to drop in California?
California’s median home price is forecast to decline 8.8 percent to $758,600 in 2023, following a projected 5.7 percent increase to $831,460 in 2022. Housing affordability* is expected to drop to 18 percent next year from a projected 19 percent in 2022.1 day ago
Will home prices continue to rise in California?
Overall, however, home-price growth in California has slowed during the second half of 2022. Current conditions suggest that this trend could continue into 2023 as well. Despite what prices do in the short term, they’ll likely continue to climb over the long term.