November saw the Dow Jones Industrial Average top 30,000 for the first time, while mortgage rates reached new record lows again. These new records have provided encouragement for buyers to move forward on home purchases, which continued to remain strong overall for the month.
The median price in November for a detached home in Coachella Valley was $510,000, which is up 27% over a year ago. The median attached home price in the Valley in November was $315,000, up 14.5% over last year. All nine cities show year-over-year price gains in their median price for detached homes, which range from 37% in La Quinta down to 2.6% for Indian Wells. Palm Springs and Palm Desert have price gains of 27.5% and 21% respectively, followed by Cathedral City at 19.9% and Desert Hot Springs at 19.2%. Palm Springs has a 16% year-over-year increase in its median attached home price.
Market-wide, inventory levels were down 42.0 percent.
Showing activity remains higher than the same period a year ago across the Valley, suggesting that strong buyer demand is likely to continue into what is typically the slowest time of year. With inventory remaining constrained in most market segments, sellers continue to benefit from the tight market conditions.
If you have any questions about what the numbers from our real estate market update mean for you and your home, we’re here to help.