Home sales across the Coachella Valley rose 6 percent in June compared with June ‘09, bucking both state and national home-sales declines, new real estate reports show. Statewide, home sales declined 4.2 percent in June over the same period of last year.
Much of the valley's gains came as a result of a whopping 38 percent increase in desert condo sales. Some 274 condos sold across the valley during June. Unlike rising home prices, the rise in condo sales is attributed to a lower median price for condos of $192,500. The median price for valley home sales rose another 8.1% to $207,000 during June. The median represents the price at which half the homes sold for more and half sold for less.
Sales increases in June followed both sales and price increases in April and May when 2,050 homes were sold over the two-month period and median prices should double-digit increases.
It looks like the affordability factor for desert homes and condos is continuing to drive month-to-month increases in re-sales. Interest in bargain priced luxury properties also continues to grow from prospective buyers from around the globe.