Home prices and sales increase around the Coachella Valley

Median home prices throughout the Coachella Valley are up and so are sales when comparing numbers from June of 2015 and June of this year.

Real estate professionals say it’s a good sign for the market, which has struggled now for almost 10 years.

President of the California Desert Association of Realtors, Judy Horn says, “Inventory is up, our median prices are up, in both single family residential and town houses and condos.”

Ron Gerlic, Vice President of HK Lane Real Estate says the only demographic not buying seems to be millennials.

Both Gerlic and Horn agree more sales on homes means more people spending money in the Coachella Valley and more taxable income.

The latest numbers do come as a surprise during the normally slow summer months.

“A crystal ball would say employment in the area is up and consistent and people are fairly confident in the economic picture that we have in the valley,” says Horn.

Horn also says normally at this time of the year more Canadians come to the Coachella Valley to purchase real estate. This year, she says they’re often sellers, thanks to the decreased value in their currency to the US Dollar.

Reports from the date firm CoreLogic shows Riverside County still 23% below its peak.