Federal Housing Finance Agency Home Price Index (FHFA HPI):

Bakersfield, CA Federal Housing Finance Agency Home Price Index (FHFA HPI)

Bakersfield, CA is a Federal Housing Finance Agency home price index that comprises the county of Kern County. Its most recent index value is 281.84.

Bakersfield, CA Housing Market: Real Estate Trends & House Price Index

The Bakersfield, CA, Federal Housing Finance Agency (FHFA) House Price Index (HPI) is a weighted, repeat-sales index that measures average price changes in repeat sales or refinancings on the same properties. The index was created in order to be a more accurate measure of house price changes than other commonly used indices because it uses data on actual transactions rather than appraisals.

The FHFA HPI for Bakersfield, CA covers the period from January 1991 to December 2019. Home prices in Bakersfield have increased steadily over this time period, with occasional dips during economic recessions. However, home prices have generally recovered quickly after these downturns and continued to trend upwards.

Between 1991 and 2019, the FHFA HPI for Bakersfield increased by an average of 4.7% per year. This means that a home that cost $100,000 in 1991 would have cost approximately $665,000 in 2019. The largest annual increase occurred between 2005 and 2006, when prices rose by 11%. This was followed by smaller increases of around 6% per year between 2006 and 2008. Home prices then fell sharply during the global financial crisis of 2008-2009, before beginning to recover in 2010 and returning to their pre-crisis levels by 2012. Since then, prices have continued to rise steadily, although at a slower pace than before the crisis. As of December 2019, the FHFA HPI for Bakersfield was 16% higher than its pre-crisis peak reached in 2007.

There are several factors that have contributed to the overall increase in home prices in Bakersfield over time. These include population growth as people move into the area seeking employment opportunities or retire here; limited supply of land available for new construction; and low interest rates which make financing a purchase more affordable. In recent years there has also been an increase in foreign investment in California real estate markets like Bakersfield due to concerns about political instability and economic uncertainty elsewhere in the world.

The appreciation of home values has had both positive and negative consequences for residents of Bakersfield . On the one hand , it has made many people's homes worth more than they could have imagined just a few years ago , providing them with significant equity gains . It has also allowed some homeowners who were previously underwater on their mortgages ( owing more than their homes were worth ) to sell their properties at a profit . On the other hand , rising home prices have made it increasingly difficult for first - time buyers or those with lower incomes to afford a place to live here . Rents have also increased significantly as landlords seek to take advantage of strong demand from tenants .

Price Index: Bakersfield, CA

Cities in Bakersfield, CA


Zip codes in Bakersfield, CA


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