The latest Desert Housing Report for August shows Palm Springs home prices declined while inventory levels increased and homes took longer to sell compared to the same period last year.
In Palm Springs, the median price of a detached home reached $1.19 million in August, representing a decline of almost 1% from the previous year. Attached homes averaged about $444,000, down 2% compared to last year.
The broader Coachella Valley saw the median price of a detached home reach $648,000, just a 0.1% decrease from the year before. Every city except Cathedral City and Indian Wells recorded lower median prices in August compared to the previous year.
Homes in the valley are taking about 60 days to sell, compared to roughly 48 days at the same time last year. In Palm Springs specifically, the median number of days on market is 58 days.
Inventory in Palm Springs increased by 19% compared to last year, with 609 homes for sale compared to 512 the year before. Valley-wide, inventory is up 25%.
(This story was first published in the Palm Springs Post.)
