Existing Home Median Price Rises Again in Coachella Valley

www.cdaronline.org

FOR IMMEDIATE RELEASE CONTACT:

June 25, 2019 Scott Newton, CDAR President

(760) 346-5637

With City by City Sales Chart

(Media) John Hussar

PRNewsWorks (760) 567-8073

May’s Existing Home Median Price Rises Again, Says California Desert Association of REALTORS®

PALM DESERT (Calif.) – The median existing home sales price saw a slight increase in May while existing home sales in the Coachella Valley dipped compared to May 2018 totals, the California Desert Association of REALTORS® reported today.

The median price of existing home sales was $419,000, up from $415,000 in May 2018. Existing home sales were 693 in May, down from 731 in May 2018, the CDAR monthly report showed.

Sales of condominiums also were down last month at 351compared to 360 in May 2018. The good news is that the median sales price of condominiums was $290,000 in May, up from $257,000 median sales price in May 2018.

“A real estate market where prices are trending up inventories are remaining relatively constant is a market that benefits both sellers and buyers.” said Scott Newton, president of the California Desert Association of REALTORS®. “This summer it’s time for sellers and buyers to meet in the marketplace.”

The May inventory of available existing single-family homes was 3,340 and 1,251 available condos, compared to 3,356 existing homes and 1,552 condos in May 2018.

The May 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. ###