July 2019 Palm Springs Housing Report

Dated: 08/19/2019

Views: 68

The Valley's median detached home price in July reached $417,500, which is 4.4% above a year ago. The attached home price index for the Valley ended July at $285,000, which is a gain of 1.9%. Inventory on August 1 was 2,722 units, which is the lowest August number in the last five years. The inventory pattern is for seasonal lows to be made in September, followed by a steady rise until high numbers are made usually in the month of March. We expect this seasonal pattern to continue this year.


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During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0% in 2009 to 3.7%, yet many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability. In a move to stoke continued economic prosperity, the Federal Reserve reduced the benchmark interest rate by a quarter point to about 2.25%, marking the first reduction in more than a decade.

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Michael Hilgenberg

Michael has over 40 years in the Real Estate industry. He developed one of the top producing Teams in the Palm Springs area, ranking in the top 25 Teams in Keller Williams International. Michael is cu....

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