My Loan Was Sold. What Gives?You've just moved in to your new Coachella Valley home. You've unpacked, and you're starting to settle in when you receive a letter informing you that your mortgage has
Coachella Valley Housing Market Trends 2018 Year In Review
Dated: 02/04/2019
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It may have been a rocky year for the stock market and parts of the economy, despite slowing price growth in many parts of California, Coachella Valley continues to enjoy relatively robust price growth as the economy remains strong and the labor markets hover near historic lows for unemployment.
The median home price rose 7 percent to $346,317 last year in Coachella Valley. Home sales decreased 1 percent, there were a total of 10,275 homes sold, according to new figures from the California Desert Association of Realtors.
“Prices are rising, but in the second half of the year, the price growth has measurably slowed compared with the first half of the year,” says Lawrence Yun, chief economist and senior vice president of research at the National Association of Realtors. “I think in 2019 we may actually have a year where income growth might finally outpace home prices. I expect home prices to soften to only 2.5 percent growth in 2019.”
Market-wide, inventory levels were down 17 percent. Coachella was the only city where gained the inventory. It increased 17 percent.
After several years of historically low rates, hovering around 3.5 percent, 2018 was the year of the 5 percent mortgage interest rate. Rates hit the 5 percent mark in early October, only to sink back into the 4s in the fourth quarter. The average 30-year fixed mortgage rate is 4.75 percent as of Dec. 20, according to Bankrate data.
Unemployment rates remained remarkably low again in 2018, and wages continued to improve for many U.S. households. It is generally good for all parties involved in real estate transactions when wages grow, but the percentage of increase, on average, has not kept pace with home price increases.
The Federal Reserve sent another clear signal Wednesday that it won't be moving quickly to raise interest rates in 2019, which maybe of little comfort to an already compressed consumer.
Total Housing Market 2018 Overview - Coachella Valley
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Total Housing Market 2018 Overview - Coachella
Team Michael 2018 Year In Review
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Based on information from California Regional Multiple Listing Service, Inc. as of April 25, 2019 2:15 AM. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
