Home Prices Rise In June For Sixth Consecutive Month Says California Desert Association of REALTORS®
PALM DESERT, CA – July 23, 2013 – (RealEstateRama) — The average price of an existing home in the Coachella Valley rose $140,000 in June over June 2012 , the sixth consecutive home sales increase in this year, the California Desert Association of REALTORS® reported today.
The average sale price of single family homes was $481,000 in June up from $341,000 for the same month last year. Condos also saw an average price boost from $207,000 last year to $232,000 in June 2013. Total sales units for the month were up for condos with 285 units sold in June compared to 242 in June 2012.
As in recent months, single family homes saw a decrease in volume from 711 homes sold in June 2012 compared to 624 homes sold last month.
The inventory of single family homes continued to decline in June over May. There were 2,046 single family homes and 923 condos for sale in June compared to 2,181 single family homes and 1,029 condos in May.
“We continue to see the shortage of homes on the market pushing prices up,” said Ann Ritchie, executive vice president of California Desert Association of REALTORS®. “What we need is an increase in the number of homes on the market to help stabilize prices.”
Distressed properties including both short sales and foreclosures continued to fall. They accounted for 14 percent of June sales this year compared to 37 percent in June 2012. Condos also saw a reduction in distressed sales with only 13 percent falling into this category in June of this year compared to 27 percent in June 2012.
The June 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.
The California Desert Association of REALTORS®, The Voice for Real Estate® in the Coachella Valley, represents more than 3,000 real estate professionals from Palm Springs to Coachella. REALTORS® hold themselves to a higher standard yet only about a quarter of California licensed real estate agents are REALTORS®. You can be sure you’re working with a REALTOR® by visiting us online at www.CalDesertRealtors.org. For more information, please call (760) 346-5637 or visit online at www.CalDesertRealtors.org
CONTACT:
Ann Ritchie, Executive Vice President
(760) 346-5637
(Media) John Hussar
PRNewsWorks (760) 567-8073
