The latest report is out from the California Desert Association of Realtors
Key Bullet Points:
- Housing Inventory on July 1 was 3,010 units, 28 units less than July 1st of last year.
- The Valley's median detached home price in June was $427,000, which is 2.5% above a year ago.
- The attached home price index for the Valley ended June at $292,500, which is a year-over-year gain of 4.8%.
- Short-term, three month sales are finally showing signs of leveling off after one year of consistent 10% declines.
- Total sales over the last 12 months have average 795 units a month, which is off 5.7% from June of last year.
- Of 11 cities in the Valley, all but two show lower three months sales when compared to last year.
- When we break down the sales by price bracket, we discover the primary drop in sales are for homes priced under $400,000.
- On July 1st the “months of sales” ratio, which is inventory divided by the average sales rate over 12 months, was 3.8 months.
- When we look at the “months of sales” ratio in the different price brackets, we see that the ratios for homes priced under $600,000 are slightly higher than they were a year ago.
- The latest “Sale Price Discount from List” is -2.0%, which is .1% less than a year ago
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