Nov. 21 Daily Briefing: Latest housing report, next Palm Springs Speaks headliners announced, airport advice, and more

Good morning, Palm Springs, and thank you for your support as we’ve started our year-end fundraising campaign! If you weren’t aware, we’re humbly asking those who can afford to financially support our journalism to consider doing so. That support helps keep The Post afloat and helps us to continue our mission to provide our journalism for free, so that all members of our community benefit.

As a bonus this week, we’re giving away two sets of tickets for Palm Springs Cultural Center’s weekend showing and performance of The Rocky Horror Picture Show! Winners can choose to attend Friday or Saturday night for a fun and frightful time.

Enter right now for your chance to get two tickets for free— we’ll announce the winners tomorrow. Good luck!

🎶 Setting the mood: “Time Warp” by Richard O’Brien

---

LEADING OFF

Housing inventory increase larger than expected

A housing report covering October shows the price of a local home increased, sales decreased, and inventory increased significantly.

Driving the news: The October housing report revealed that the median price for a home in the Coachella Valley is $642,000, up slightly from last month but down 2.7% year-over-year.

• The median price in Palm Springs was slightly up from last year, at about $1.24 million.

By the numbers: Sales in the valley continue to decline, averaging about 25% below last year and 31% below normal.

Dive deeper: Interestingly, inventory increased by 248 units last month. The report’s authors note an inventory increase is expected for this time of year but that they’re “struck by the size of the gain, which is larger than most increases in October.”

• Even though inventory gains were higher than expected, it’s still about 1,000 units under historic norms.

Looking ahead: The report’s authors still don’t expect sales to recover until mortgage rates come down to around 5% from 7.5%.

Zoom out: Nationally, the real estate market was rocked by a court decision that could change how real estate agents are compensated.

• Last month, a Missouri court found that the National Association of Realtors and two brokerage firms were liable for $1.8 billion in damages for conspiring to keep commission rates artificially high. 

What they’re saying: Speaking to Downtown Palm Springs merchants earlier this month, Michael Braun, president of Grit Development, said the decision could have a significant impact in Palm Springs, where real estate is among the top three industries.

• “Transaction volume in Palm Springs is at a historic low,” Braun said during a Main Street Palm Springs meeting. “That’s impacting anyone associated with the real estate business. If commissions go down, the industry will be further impacted.”

BRIEFLY

🗣️ Next speakers in popular series named

Fran Drescher, Terry McMillan, and Billy Dee Williams are coming to town next year, headlining the the fifth season of Palm Springs Speaks.

• The series will kick off on Jan. 25 with Drescher at the Richards Center for the Arts at Palm Springs High School. McMillan and Williams will follow on Feb. 27 and March 7, respectively, at the Palm Springs Cultural Center.
  
  
• “We are so excited about our season five lineup,” said Jeannie Kays, director of library services. “This caliber of speakers demonstrates our commitment to bring a diverse offering of thought-provoking and timely speakers to the Coachella Valley.”
  
  
• Details: Tickets for each event start at $35 and ADA spaces are available. To purchase tickets or for more information about the speaker series, visit palmspringsspeaks.org.

🎥 Latest PSIFF award announced

Da’Vine Joy Randolph will receive the Breakthrough Performance Award at the Palm Springs International Film Awards for her role in “The Holdovers,” it was announced Monday. 

• Festival Chairman Nachhattar Singh Chandi said Randolph’s portrayal of Mary Lamb, the devastated head cook at Barton Academy, demonstrated her capacity to masterfully combine humor with significant emotional consequence. 
  
  
• Randolph joins “Oppenheimer” star Cillian Murphy and “Poor Things” star Emma Stone in receiving special honors for actors. The Palm Springs event is often seen as a preview for other film awards.
  
  
• Details: The film awards will take place on Jan. 4, 2024, with the festival running through Jan. 15. Complete details, including ticket options, can be found here.

---

FEATURED EVENTS

Meditation & Mindfulness
3 p.m. | Palm Springs Library
Join instructor Lisa Botts as she guides you through the basic principles of meditation and mindfulness. Learn different techniques each month to help you cope and rejuvenate.

Jazz on the 2nd Floor
5 p.m. | Camelot Theatres
Leanna & The Jazz Collective perform at the historic Camelot Theatre at the Palm Springs Cultural Center in a speakeasy format.

Sustainability Commission
5:30 p.m. | Virtual
See the agenda for this month’s meeting here, and join in via Zoom if you wish to view the meeting or speak.

Christmas With The Crawfords
7:30 p.m. | Margaritaville Resort
This riotous camp classic performed by Desert Theatreworks is based on the actual Christmas Eve live radio broadcast from the Crawford family’s Brentwood mansion in 1949. ($50)

SAVE THE DATE

• Harvest Auction benefiting The Center Food Bank and Martha’s Village & Kitchen on Wednesday.
  
  
• Palm Springs Wild Turkey Trot on Thursday.
  
  
• Toy Drive benefitting Boys & Girls Club of Palm Springs starting Nov. 29.
  
  
• Sounds of the Holidays chorus performance at the Tram starting Nov. 30.
  
  
• Tree lighting and banner awards on Dec. 1 at Frances Stevens Park.
  
  
• Wine ‘n’ Wags benefit event on Dec. 2.
  
  
• Palm Springs Festival of Lights Parade on Dec. 2 along Palm Canyon Drive.
  
  
• American Legion toy giveaway from Dec. 7 through 11. Donate toys now at The American Legion and The Purple Room.

---

AND FINALLY …

If you’ve got travel plans this week that involve Palm Springs International Airport (PSP), officials there have some advice.

Driving the news: With 35,000 passengers expected to depart from the airport between today and Sunday, officials advise you to arrive early, especially if you have checked luggage.

• Recommended arrival time for those with carry-on bags is 90 minutes before departure, especially between 10 a.m. and 2 p.m., where up to 30-minute security checkpoint wait times are expected.

Zoom in: Parking options may also become limited, but a shuttle service to the overflow parking lot will be available.

• The shuttle runs from 4:30 a.m. to 10 p.m. through Thanksgiving Day and from 8:30 a.m. until the last arrival from Friday to next Tuesday.

Bottom line: Passengers are encouraged to check flyPSP.com for real-time updates and download their airline’s app for check-in.