Palm Desert home prices hold steady, inventory slightly down

According to the latest Greater Palm Springs Realtors (GPSR) Desert Housing Report, the median price for an average-sized detached home in Palm Desert fell 2% to $689,000 compared to the year before, while attached home prices decreased just .4% to $491,000.

The median price of an average-sized detached home in the Coachella Valley last month was $635,000, down 2% compared to last year. Attached home prices were down 3% to $430,000.

Detached home prices increased in Indian Wells, Bermuda Dunes, La Quinta, and Rancho Mirage and fell in the rest of the valley. Attached home prices increased in just two valley cities, Indian Wells and Indio.

Palm Desert recorded 114 sales during the three-month period ending in August, about seven more than last year and second highest in the valley behind Palm Springs. Valley-wide, sales are down about 33% below average.

The report measured the valley’s housing inventory divided by recent sales, and determined that the housing market is moving into a more balanced market, not favoring either buyers or sellers.

Palm Desert had the second-highest number of homes on the market at the start of the month with 532, down from 576 homes last year. Valley-wide, inventory is down almost 13% year-over-year to 2,441 units.

Homes in Palm Desert are selling slightly faster than last year, lasting 57 days on the market compared to 60.

The Federal Reserve recently raised interest rates, the new range is now 3.75 to 4% and analysts say there could be further increases ahead. The benchmark rate is the basis for lenders to set rates, including mortgage rates.