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Palm Springs Area Real Estate Market Trends November 2018
Home prices have continued to increase in Coachella Valley, but price drops are becoming more of a reality as affordability concerns are keeping showings down and some nervous buyers at bay. Historically, housing is still relatively affordable. Although Freddie Mac recently reported that the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent, average rates were 5.97 percent ten years ago, 6.78 percent 20 years ago and 10.39 percent 30 years ago.
Market-wide, inventory levels were up 6.2 percent. The property type that gained the most inventory was the Single-Family Homes segment, where it increased 14.3 percent. That amounts to 5.6 months supply for Single-Family Homes and 4.1 months supply for Condos - Townhouses.
The overall Median Sales Price was up 10.2 percent to $357,000. The property type with the largest price gain was the Condos - Townhouses segment, where prices increased 10.4 percent to $265,000.
The Bureau of Labor Statistics recently reported that the national unemployment rate was at 3.7 percent. Low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Home buying and selling activity relies on gainful employment. It also relies on demand, and builders are showing caution by breaking ground on fewer single family home construction projects in the face of rising mortgage rates and fewer showings.
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