Home prices rise for 12th consecutive month
Updated On: Jan 27 2014 02:50:24 PM CST
Sales of existing homes in the Coachella Valley closed out 2013 about the same as they did throughout the entire year, according to the California Desert Association of REALTORS.
Median home prices continued to rise while sales and inventory dropped until November and December.
For the second consecutive month, sales of condominiums were up slightly in December while the median price of condos and existing homes continued to rise for 12 months straight, according to a release on Monday.
Realtors said overall, the desert real estate market looks promising for 2014 as well.
"As you know, we have a new leader of the Federal Reserve Board, Janet Yellen, who will be replacing Ben Bernanke in February," said Sharon Rogers, president of the California Desert Association of REALTORS. "We await her opening remarks and direction to see how this will impact the interest rate and real estate market as a whole," Rogers said.
There were 223 condo sales in December, up from 196 the same month in 2012. Condos also saw a median price boost from $195,000 last year to $232,000 in December 2013, according to Monday's release.
The average price of a home in the Coachella Valley rose $72,000 in December over the same time in 2012, the 12th consecutive home sale increase of the year.
The statistics from December are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers. The report includes sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage.
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