Valley home sales cool off in the heat of the summer
Existing home sales took a slight hit in July due to the hot summer temperatures, while the median price rose $30,000 from the July 2016 figure, according to a report by the California Desert Association of REALTORS.
The median existing home sale price was $380,000 in July, up from $350,000 last July. The report states there were 533 existing homes sold this July compared to 545 last July. Sales of condominiums jumped to 226 last month from 218 in July 2016 while the median price of condos dropped to $234,350 this July from $235,000 in July 2016.
“Home prices throughout the valley are showing strength while inventory is down somewhat due to the slower ‘summer period.’ However, sales continue to grow from last year,” said Diana Bernardi, president of the California Desert Association of REALTORS. “What is needed the most is greater availability of entry level housing throughout the entire Coachella Valley and all of California.”
Except for July 2017 totals, the good news for home sellers and buyers is that there have been monthly increases in existing home sales since May 2016.
The July inventory of existing single-family homes was 2,804 and 1,248 condos, compared to 3,147 single family homes and 1,465 condos in July 2016.
The July statistics are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers.
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