In purchasing a home, buyers tend to focus a bit too much on the price of a home and do not consider enough the monthly payment. As a buyer, you must be concerned not about price but instead
Palm Springs Area Real Estate Market Trends August 2018
Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.
The overall Median Sales Price in Palm Springs area was up 6.3 percent to $340,000. The property type with the largest price gain was the Attached Homes segment, where prices increased 8.2 percent to $265,000. Closed sales were down 8.1 percent. Pending sales were up 2 percent. While market-wide, inventory levels were down 8.5 percent, we anticipate that will grow as we enter the Fall selling season.
The decrease in close sales, relatively minor increase in pending sales may be indicate a softening in the market or perhaps a peak that may now be in the rear-view mirror. It is ill-advised to predict a heavy shift toward fewer sales and lower prices. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.
When selling your home in Palm Springs area, it is critical to partner with a real estateprofessional that has a proven track record and holds themselves accountable toa very high standard. These numbers depict not only the trajectory of our business, but theexpertise, dedication and commitment that you will receive. Your property will be sold quickly, with the least amount of hassle andfor top dollar. And, the proof is in our numbers.
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