In a recent Desert Sun article, Rosalie Murphy writes that Coachella Valley home prices jumped again in April, climbing 13 percent year over year to a median of $345,000 or $187 per square feet, the highest rate in at least 36 months, according to data from real estate research firm CoreLogic DataQuick. April's gains follow a 12 percent climb in home prices in March, when the valley-wide median price rose to $330,250. 

While year-over-year sales fell 4.1 percent in April to 961 sales, over the first four months of 2017 sales are up about 3.4 percent over 2016. According to the California Desert Association of Realtors, there were 3,639 houses and 1,709 condos on the market in April, which is about 15.5 percent fewer units year-over-year. 

Palm Springs led the Coachella Valley in prices in April, with homes in the 92262 ZIP code selling for a median of $277 per square foot, and homes in the 92264 ZIP code fetching $242 per square foot, according to CoreLogic DataQuick. On the other end of the spectrum, homes in Desert Hot Springs' 92240 ZIP code were the valley's most affordable, selling for $123 per square foot. 

Statewide, California's median home price rose to $536,750 in April, up 5.4 percent year over year and the highest level since August 2007, with sales slipping 1.7 percent year over year, according to the California Association of Realtors.  As for Riverside County, the median home price was $379,000 in April, up 1.1 percent year over year, according to the California Association of Realtors. 

April 2017 Desert Home Sales At A Glance:

  • Total sales: 961, down 4.1 percent from April 2016
  • New construction sales: 39, down 31.6 percent year over year
  • Resale single-family homes: 617, up 0.7 percent year over year
  • Resale condos: 305, down 8.1 percent year over year
  • Median sale price: $345,000, up 13.1 percent year-over-year
  • Median price per square foot: $187, up 7.2 percent year-over-year

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/2017/05/18/desert-home-prices-kept-climbing-april-highest-two-years/329139001/