The Palm Springs area real estate market is on the rebound, a new housing analysis indicates. Home sales activity surged 33 percent during the first six months of this year, with 4,615 valley-wide sales – 2,598 were sold in the second quarter. Activity is up roughly 30 percent over a year ago.
Lowest Prices In Decades Driving Sales
Prices the valley has not seen in decades are driving the sales increases. Lower prices have led investors, second home buyers and first-time buyers armed with tax incentives into a new frontier – the affordable housing market.
“This market is healing itself from the bottom,” said Greg Berkemer, executive director of the California Desert Association of Realtors. “It collapsed from the bottom, and it’s healing itself that way.”