June 24 Daily Briefing: Progress on pathway, housing prices cool, buzz at the art museum, and more

Welcome to Monday, and the first full week of summer 2024 (even though it seems like we’re actually in the middle of summer already). Last Thursday, June 20, was the summer solstice, meaning the sun got as high in the sky as it will this year and the days are now getting shorter. Oddly enough, and due partially to the fact this year is a leap year, the exact moment of solstice was the earliest since 1796. 

🎶 Setting the mood: “Used To Know Me” by Charli XCX

LEADING OFF

Home prices settle down after record highs

Home prices in the valley reached a record peak in April, and now prices and sales are starting to cool off as we head into the year’s hottest months.

Key Developments: The median price of detached homes in the Coachella Valley dropped slightly to $710,000 in May, compared to April’s all-time high of $724,000, and is up 3.6% year-over-year

• In Palm Springs, the price of an average-sized detached home also dropped slightly from $1.4 million in April to $1.3 million in May. Last month’s price was 3.2% higher than the year before.

By the Numbers: Home sales increased in the city by 5% compared to the year before. It is one of four valley cities with higher sales compared to a year ago. Valley-wide, sales are 20% below normal, which hasn’t changed in the last three months and won’t change until the mortgage rate drops.

• The most significant sales increase continues to be in homes over $1 million.

Analysis: The report notes that prices usually peak in May or June. With inventory rising and sales growing at a slower rate, it is estimated supply and demand will soon begin to favor buyers.

Market dynamics: The valley-wide inventory on June 1 stood at 2,610 units, marking the highest level in four years. However, the valley is still about 1,000 units below pre-pandemic norms. Palm Springs has the highest inventory out of any valley city, with 648 units available, up considerably from 464 last year.

What they’re saying: “We continue to believe sales will recover when mortgage rates come back to 5.5%-6%,” notes the report. “Although the inflation rate has declined, the Federal Reserve Board seems reluctant to lower rates until the evidence is stronger that inflation will remain down.”

Looking Ahead: The report estimates that inventory will begin to decline as the summer months progress, “The key will be how much it declines.”

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IN OTHER NEWS

🏒 The  Coachella Valley Firebirds are down 3-2 in a best-of-seven series for the AHL’s Calder Cup. Learn how you can watch what might be their last game of the season tonight. [The Desert Sun]

🖼️ An international art and architecture expert from Louis Vuitton is now at Palm Springs Art Museum, promising to bring new buzz to the community. [WWD]

📻 The LAist is the latest news outlet to feature the story of KGAY, telling the tale of how its famous call letters came to be. [LAist]

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TODAY’S FEATURED EVENTS

Palm Springs International ShortFest
All day | Regal Cinemas Palm Springs
It’s the last day of the Palm Springs International ShortFest, one of the largest showcases of short-form cinema in North America. Check out the schedule here.

Parks and Recreation Commission
5:30 p.m. | City Hall
According to the agenda, commissioners will hear presentations about the financial year in review and updates on ongoing projects.

Monday Men’s Coffee
6 p.m. | Gre Coffeehouse
Come have coffee and chat with other men about issues that are on your mind. No RSVP required — just drop in!

Adult Tap Dance Class
6:30 p.m. | Leisure Center Dance Studio
Adult intermediate tap starts at 6:30 p.m., and “absolute beginners” adult tap is at 7:30 p.m. (“Two left feet are optional.”) ($20)

Fabulous Bingo
7 p.m. | Kings Highway at Ace Hotel
Join Bella Da Ball for a night of fabulous bingo. (Must spend $30 at Kings Highway to participate.)

SAVE THE DATE

• Red Cross Training on Household and Extreme Heat Preparedness on Tuesday.
  
  
• Parks and Recreation Master Planning Workshop at the Demuth Community Center on Wednesday.
  
  
• Palm Springs Equality Wine & Food Fest at Margaritaville Resort on Saturday.
  
  
• Palm Springs All American 4th of July at Sunrise Park on July 4.
  
  
• ONE-PS Lip-Sync Battle at the Palm Springs Cultural Center on July 7.
  
  
• Happy Hour for a Star fundraiser at Wildest Restaurant on July 14.

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AND FINALLY …

A new section of the CV Link in Palm Springs is close to being finished, with final touches underway on the bike path along Mesquite Avenue. The project aims to create a 40-mile pathway stretching across the Coachella Valley.

Driving the news: The section between Sunrise Way and South Compadre Road is awaiting concrete barrier painting, thermal striping, and signage installation.

• Once complete, this segment will add to the growing network of CV Link pathways in Palm Springs.

What’s next: Two additional sections are slated for completion by the end of the year.

• These include the Sunrise Way undercrossing connecting to Riverside Drive and a pathway through Bel Air Greens linking El Cielo and Mesquite.

Bigger picture: The CV Link project is gradually expanding its reach across the valley, with multiple sections already open to the public.

• Turn here for online map showing completed portions of the pathway in Palm Springs and elsewhere.