Dear Friends,I am pleased to share with you the January 2019 Desert Housing Report. Appreciation has slowed down and the medium detached home price ended at $390,000 for the month, up 7.8% over
Coachella Valley Housing Market Trends 2018 Year In Review
Dated: 02/04/2019
Views: 117
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
Total Housing Market 2018 Overview - Palm Springs
Total Housing Market 2018 Overview - Desert Hot Springs
Total Housing Market 2018 Overview - Cathedral City
Total Housing Market 2018 Overview - Rancho Mirage
Total Housing Market 2018 Overview - Palm Desert
Total Housing Market 2018 Overview - Indian Wells
Total Housing Market 2018 Overview - La Quinta
Total Housing Market 2018 Overview - Indio
Total Housing Market 2018 Overview - Coachella
Team Michael 2018 Year In Review
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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
When selling your home, it is critical to partner with a real estate professional that has a proven track record and holds themselves accountable to a very high standard. These numbers depict not
It's really fun when you have friends like Lynn and Pauline that have so much appreciation for ones assistance. They found a great home and I have the privilege of having them locate in my
The information being provided by SoCalMLS, CRISNet Regional MLS, CARETS is for the consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumer may be interested in purchasing. Any information relating to real estate for sale referenced on this web site comes from the Internet Data Exchange (IDX) program of the SoCalMLS, CRISNet Regional MLS, CARETS. ZipRealty, Inc. is not a Multiple Listing Service (MLS), nor does it offer MLS
Based on information from California Regional Multiple Listing Service, Inc. as of February 18, 2019 4:05 PM. 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.
