Palm Springs Area Real Estate Market Trends August 2018

Dated: 09/12/2018

Views: 308

Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.

The overall Median Sales Price in Palm Springs area was up 6.3 percent to $340,000. The property type with the largest price gain was the Attached Homes segment, where prices increased 8.2 percent to $265,000. Closed sales were down 8.1 percent. Pending sales were up 2 percent. While market-wide, inventory levels were down 8.5 percent, we anticipate that will grow as we enter the Fall  selling season. 

The decrease in close sales, relatively minor increase in pending sales may be indicate a softening in the market or perhaps a peak that may now be in the rear-view mirror. It is ill-advised to predict a heavy shift toward fewer sales and lower prices. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating. 

Palm Springs Area Real Estate Market Trends August 2018

Palm Springs Area Real Estate Market Trends August 2018

When selling your home in Palm Springs area, it is critical to partner with a real estateprofessional that has a proven track record and holds themselves accountable toa very high standard. These numbers depict not only the trajectory of our business, but theexpertise, dedication and commitment that you will receive. Your property will be sold quickly, with the least amount of hassle andfor top dollar. And, the proof is in our numbers.


Want to Advertise on this Site?

Latest Blog Posts

August 2019 The Cachella Valley Real Estate Snapshot

The coachella valley real estate market is finishing out the summer with a BANG!In reviewing the current market statistics for the Coachella Valley, August of 2019 varied from August of 2018. Closed

Read More

3D Tour For 70355 Cobb Road Rancho Mirage

Please take a few minutes and look at this terrific three bedroom, two bathroom, pool home in Rancho Mirage. Terrific three bedroom, two bathroom, pool home in the heart of the popular Tamarisk

Read More

3D Tour For 28 Sierra Madre Way Rancho Mirage CA 92270

Please take a few minutes and look at this this upgraded home home in Country Club Estates, Rancho Mirage.Location, Location! One of the best locations in Country Club Estates. This is one of two

Read More

Priced To Sell Stunning 3 Bedroom Home In Rancho Mirage Home

Just Reduced (🔥again🔥)!EDGY, Eclectic, Fun, Pesonality+ ....experience this exceptional remodel done with contemporary flair from polished concrete floors throughout to imported woods and deep

Read More