The Desert Sun’s Rosalie Murphy writes that there were 862 sales recorded in the Coachella Valley in July, down 2.2 percent from July 2015, but prices rose to a median of $305,000, a 6.5 percent increase from last July, according to data from real estate research firm CoreLogic DataQuick. Palm Springs' 92262 ZIP code led sales in the Coachella Valley, with 115 sales recorded in June. Indian Wells again posted the region's highest median price at $871,750, or $259 per square foot. The valley's lowest prices were in Coachella, where 24 homes sold for a median price of $222,000. 

In terms of inventory, there were 3,147 houses and 1,465 condos on the market in July, down slightly from June, according to the California Desert Association of Realtors. The winter selling season was marked by high levels of inventory, which brought prices down, but the current inventory numbers are close to the inventory levels recorded in February and March of 2015. 

Across five Southern California counties (Ventura, Los Angeles, San Bernardino, Riverside, Orange and San Diego), sales dropped 10.7 percent year over year. Southern California's median price was $465,000, up 6.2 percent year-over-year, according to CoreLogic DataQuick. Rosalie notes that when adjusted for inflation (the median price) remains about 18 percent below its (2007) peak. 

Statewide sales fell too, dropping 5.1 percent year-over-year, according to the California Association of Realtors. Sales have now dropped year-over-year for five months in a row. California's median home price has been above $500,000 for four consecutive months, but fell month-over-month in both June and July, according to CAR.  CAR chief economist Leslie Appleton-Young said in a statement that: “While fundamentals such as increasing household formation and strong job creation continue to fuel housing demand and support price growth, low housing affordability and reduced buying power of home buyers has put a cap on how fast the statewide median price can grow.”

Desert Home Sales in July 2016

  • Total sales: 862, down 2.2 percent from July 2015
  • New construction sales: 37, down 40.3 percent from 2015
  • Resale single-family home sales: 563, down 2.6 percent from 2015
  • Resale condo sales: 262, up 8.7 percent from 2015
  • Median price: $305,000, up 6.5 percent from 2015
  • Median price per square foot: $172, up 2.9 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/2016/08/23/home-prices-sales-july-2016/88997312/