Coachella Valley existing home sales jumped 19% in June over June 2007 as the inventory of available homes continues to decline, the California Desert Assn. of Realtors reported.
The rise in sales also accounts for the drop in overall housing inventory. The July inventory is the lowest since Sept. 2006. In comparison, the January sales rate and inventory yielded 22.4 months of unsold inventory while the July sales and inventory stands at 13.1 months of unsold inventory ( that means it would take 13.1 months to sell all the inventory on the market).
The median price of an existing desert area home in June was $393,750, down 29.4% from June 2007.
Statewide, existing home sales rose 17.5% in June, compared to June 2007, although the median price fell 37.7% to $386,250.
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