The National Association of Realtors® reported today in the national media that existing (resale) home sales nationwide dropped 27.2% in July of 2010 compared to July ’09. “National sales are at the lowest level since the report began being released in ’99, and single family homes – which account for the bulk of sale transactions – are at the lowest level since May ’95,” the report indicated.

In marked contrast, sales here locally increased during July 2010 in La Quinta (up 3%), Palm Desert (up 9.5%) and Rancho Mirage (up 12%) compared with July ’09. The average sales price also increased in all three cities.

Palm Springs and Indio did show slightly reduced sales in July as these cities recorded lower average sales prices, but again the average sales prices increased in both Palm Springs and Indio. Palm Desert and Rancho Mirage posted a decline in the average July 2010 sales price, which seems to reflect a large number of condo sales in those cities that month.

La Quinta July Sales
July 2009: 106 sales @ $477,228 average selling price
July 2010: 112 sales @ $542,238 average selling price

Palm Desert July Sales
July 2009: 95 @ $431,295
July 2010 106 @ $300,092

Indian Wells July Sales
July 2009: 17 @ $926,265
July 2010: 17 @ $1,009,288

Rancho Mirage July Sales
July 2009: 44 @ $615,166
July 2010: 50 @ $504,030

Indio July Sales
July 2009: 141 @ $174,242
July 2010: 110 @ $199,128

Palm Springs July Sales
July 2009: 151 @ $295,156
July 2010: 128 @ $315,805

So there you have it. Real estate continues to be local and it’s all about location, location, location! Winter is approaching and an increasing number of people are looking for their place in the sun!