Home price median slipped ahead of interest rate cut

Bakersfield’s median home sale price slid 4.4% last month as supply rose and demand fell amid what some see as temporary dampers on the market. The median landed at $387,000 – still 1.8% higher than a year before, according to an August report by Bakersfield appraiser Gary Crabtree. People in the business say conditions tilted more toward a buyer’s market as expectations grew of an interest rate cut by the Federal Reserve and uncertainty over the economy and the upcoming presidential election.

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