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Monthly Reports

City Monthly Trends

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Valley Real Estate Prices Continue Rising

Although prices for single-family, re-sale detached and attached homes backed off in August from July, year-over-year, they were up.

The median price for detached homes gained 7.7% compared to last August, while the median price for attached homes was up 3.6%.

Sales were strong in August with detached homes gaining 7.8% year-over-year, and attached home sales were up 31%.

Year-to-date, detached home sales in the Palm Springs area are down 2.3%, while attached home sales are up 8.1%.

Inventory continues to be problematic. Detached homes are down to 3.6 month of inventory, and attached homes are down to 3.4 months of inventory. Nationally, a balanced market would have six months of inventory.

Palm Springs Area Real Estate - Home Prices 3-month Moving Average Chart
Palm Springs Area Real Estate Home Prices 12-month Moving Average Chart

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August Statistics

Even with the strong increases since the start of the year, prices still have a ways to go to top the peak of the market.

The 3-month moving average median price for detached homes is up 11.7% from January 2017. The median price is up 128.7% from the bottom of the market, but is still down -17.5% from the peak.

n August, the 3-month moving average median price was up 3.7% for attached homes since January 2017. It is up 56.4% from the bottom of the market which was in October 2011, but is still down 34.9% from the peak.

Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports

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Sales momentum…

for detached homes, fell 0.1 of a point to +10.5. Sales momentum for attached homes jumped 0.3 points to +15.5. (See charts below)

We calculate momentum by using a 12-month moving average to eliminate seasonality. By comparing this year’s 12-month moving average to last year’s, we get a percentage showing market momentum.

In charts below the blue area shows momentum for home sales while the red line shows momentum for the median price.

Pricing momentum for detached homes was flat at +5.8. Pricing momentum for attached homes gained 0.6 of a point to +2.3.

Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports
Palm Springs Area Real Estate - Monthly Reports

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Combined: Home Prices and Sales

The median price for the under $500,000 segment of the market was up 1.7% year-over-year in August. This segment constituted 66.2% of sales.

Palm Springs Area Real Estate - Monthly Reports

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By contrast, the $500,000 to $1,000,000 segment of the market was 27.9% of sales last month. The median price was up 0.2% year-over-year in August.

Palm Springs Area Real Estate - Monthly Reports

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The million dollar plus market was 5.9% of total sales in August. The median price for this segment of the market was up 2.7% year-over-year.

Palm Springs Area Real Estate - Monthly Reports

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The following tables break-down the market into three segments: less than $500,000, $500,000 to $1,000,000 and $1,000,000 and over. The tables are year-to-date.

Palm Springs Area Real Estate - Monthly Reports

Monthly Prices and Sales

The graphs show monthly prices and sales since 2006. We have used a three month moving average to smooth out monthly fluctuations yet retain seasonal flow.

Palm Springs Area Real Estate - Monthly Reports

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Palm Springs Area Real Estate - Monthly Reports

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For full details see the tables and the Monthly Trends section which breaks out each city’s statistics.

The following table provides the median price, the average price and the number of units sold for residential re-sale single family homes.

Palm Springs Area Real Estate - Monthly Reports

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This table provides the median price, the average price and the number of units sold for residential re-sale condominiums.

Palm Springs Area Real Estate - Monthly Reports

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