Home sales in the California desert dropped year over year this past July. However, residential real estate prices increased to a median of over $300,000. This is tied for the year’s highest up to this point.
In Southern California’s Coachella Valley, the number of sales recorded in July 2015 dropped by a little over 2 percent from last July. However, the median price in July was a 6.5 percent boost from that time last year. In addition, new construction residential sales posted double-digit declines year over year for the fourth month in a row. However, condo sales did jump more than 8 percent compared to last year, making up for the drop in the sales of new homes.
The fact that prices are rising and inventory is increasing simultaneously is a reason to be optimistic about the real estate market in the California desert area. This is especially true with the fall season nearing. The increasing formation of households and solid job creation are continuing to fuel the demand for housing and to support price growth in Southern California.
Buying and selling residential real estate can be complicated whether it is a person’s first real estate experience or his or her fifth, as every transaction is different, and real estate laws change from time to time. One mistake can easily cost a person financially or even cause a deal to collapse. Appropriate legal guidance may help people to see their deals completed according to their unique goals in today’s promising residential real estate market in California.
Source: desertsun.com, “Desert housing market: Sales dip, but prices rise in July“, Rosalie Murphy, Aug. 23, 2016