July Existing Home Sales Rise For Second Consecutive Month

FOR IMMEDIATE RELEASE CONTACT:

August 22, 2019 Scott Newton, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

Existing Home Sales, Median Price Rises Again in July, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – For the second consecutive month, existing single-family homes sales and median prices went up in July, the California Desert Association of REALTORS® reported today.

Sales of existing homes rose to 627 in July, up from 610 in July 2018. The median sales price of existing homes was $405,000 in July, up from $395,000 in July 2018 the CDAR monthly report showed.

The median sales price of condominiums was $254,500 in July up from $250,000 in July 2018. Sales dropped by one last month at 284 compared to 285 in July 2018.

Last month, sales of existing homes rose to 651 in June, up from 622 in June 2018. The median sales price of existing homes was $424,900 in in June, up from $399,000 in June 2018.

“Our market continues to be strong even while other real estate markets outside the Coachella Valley appear to cool,” said Scott Newton, president of the California Desert Association of REALTORS®. “The combination of lower interest rates benefitting buyers and the strong demand coupled with rising prices, benefits sellers, together provide a value marketplace for all. As the Coachella Valley evolves as a year-round community, we expect to see these summer sales numbers continue.”

The July inventory of available existing single-family homes was 2,759 and 1,053 available condos, compared to 2,804 existing homes and 1,248 condos in July 2018.

The July statistics, including median and average sale prices, are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers. This report reflects sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage. Here is the City by City breakdown of sales of existing homes and condos:

The California Desert Association of REALTORS ®, The Trusted Source for Real Estate in the Desert Communities, represents more than 3,700 real estate professionals from Palm Springs to Blythe. REALTORS® hold themselves to a higher standard via the National Association of REALTORS®’ Code of Ethics, yet only about a quarter of California licensed real estate agents are REALTORS®. For more information – or to verify you’re working with a REALTOR® – visit www.CDARonline.org or call (760) 346-5637. ###