October housing report: Valley home prices, inventory inched higher; Sales in city down year-over-year

In Palm Springs, the price of an average-sized home was about $1.2 million in October, roughly 6% greater than one year prior.

The housing market is readjusting to the fed’s increase in interest rates, and the Coachella Valley is not exempt. Prices are still increasing, but much slower than last year, and the number of sales continues to drop.

Driving the news: The median price of a detached home in the Coachella Valley in October was $675,000, which was $5,000 higher than in September and 12.5% higher than a year ago.

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  • In Palm Springs, the price of an average-sized home was about $1.2 million in October, roughly 6% greater than one year ago but slightly down from September.

By the numbers: The three-month average of Coachella Valley sales in October was 534 units a month, 34% below last year and 28% below the pre-pandemic average.

  • Palm Springs, Cathedral City, and La Quinta had the highest percentage of year-over-year declines.

Why now: Analysts say current market is explained by a combination of regular seasonal factors and the fed’s increase in interest rates. 

Regarding inventory, the valley stood at 2,048 available units on Nov. 1, an increase of 241 units compared to the month prior and 1,133 units more than a year ago. 

  • The increase in inventory is opposite to almost every other California region, where stock generally declined last month.

What they’re saying: Analysts who wrote the report want buyers and sellers alike to manage expectations.

  • “It is important during times like this to follow the data and not the many alarming comments people often make,” the report stated. “[I]t’s hard to ignore the effects higher interest rates are having on both buyers and sellers.”

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