Rosalie Murphy writes in The Desert Sun that Coachella Valley home sales rose 12 percent in June over the same month in 2015, according to data from real estate research firm CoreLogic DataQuick.
A total of 1,123 home sales were recorded in June, at a median sales price of $297,000. Of these sales, only 54 were newly-built homes, a drop of more than 35 percent from last June, 709 were sales of single family homes, an increase of 10.6 percent from June 2015, and 360 were sales of condos, a jump of nearly 30 percent over June 2015. While sales numbers rose year-over-year in four of the first six months of 2016, June's 12 percent jump was twice as big as any other year-over-year increase, according to CoreLogic DataQuick records.
In addition, sales rose year-over-year across six of the Coachella Valley's nine cities, topped by a 55 percent jump in Indio, according to CoreLogic DataQuick data. Price trends were more mixed, with drops year-over-year in eight of the region's 15 ZIP codes. La Quinta led the region's sales, with 152 homes selling at a median price of $343,000. Indian Wells posted the region's highest median price at $771,750.
Desert Hot Springs posted the region's lowest median price, $188,000 across 65 sales. But both sales and prices rose by more than 20 percent year-over-year in that city. Inventory in the Coachella Valley continued to fall. There were 3,412 houses and 1,599 condos on the market in June, according to the California Desert Association of Realtors; both at their lowest levels since November 2015.
- In Riverside County, 4,225 homes sold in June, up almost 4 percent year-over-year. The county's median price was $332,000, up 5.4 percent year-over-year, according to CoreLogic DataQuick. Nearly one third of the county's mortgages were low-down-payment Federal Housing Administration loans, which often support first-time homebuyers and veterans;
- Across Southern California, sales declined by less than half a percent year-over-year in June, according to CoreLogic DataQuick. The region's median price was $464,000, up 5 percent year-over-year. Orange County surpassed its 2007 peak price in May and climbed again in June; San Diego and Los Angeles counties came within 4 percent of their 2007 high prices; and
- Nationwide, 5.51 million homes sold for a median price of $247,700 in June, according to the National Association of Realtors.
Desert Home Sales In June 2016:
Total sales: 1,123, up 12 percent from June 2015
New construction sales: 54, down 35.7 percent from 2015
Resale single-family home sales: 709, up 10.6 percent from 2015
Resale condo sales: 360, up 29.5 percent from 2015
Median price: $297,000, up 1 percent from 2015
Median price per square foot: $171, up 0.9 percent from 2015
Source: CoreLogic DataQuick
To read Rosalie Murphy’s original article, courtesy of The Desert Sun, please visit: http://www.desertsun.com/story/money/real-estate/2016/07/21/desert-home-sales-june-2016/87341592/