Valley Home Prices Rise In June For Sixth Consecutive Month

The average price of an existing home in the Coachella Valley rose $140,000 in June over June 2012 , the sixth consecutive home sales increase in this year, the California Desert Association of REALTORS reported Tuesday.

The average sale price of single family homes was $481,000 in June up from $341,000 for the same month last year. Condos also saw an average price boost from $207,000 last year to $232,000 in June 2013.  Total sales units for the month were up for condos with 285 units sold in June compared to 242 in June 2012.

In Palm Desert, 102 single family homes were sold in June, along with 81 condos.  The median price of a Palm Desert house was $325,000 and a condo sold for a median price of $245,000.

As in recent months, single family homes saw a decrease in volume from 711 homes sold in June 2012 compared to 624 homes sold the previous month.

"The inventory of single family homes continued to decline in June over May. There were 2,046 single family homes and 923 condos for sale in June compared to 2,181 single family homes and 1,029 condos in May," said Ann Ritchie, executive vice president of California Desert Association of REALTORS®. 

Distressed properties including both short sales and foreclosures continued to fall.  They accounted for 14 percent of June sales this year compared to 37 percent in June 2012.  Condos also saw a reduction in distressed sales with only 13 percent falling into this category in June of this year compared to 27 percent in June 2012. 

The June statistics, including median and average sale prices, are based on the industry standard Multiple Listing Service in tracking sales for buyers and sellers. This report reflects sales in Bermuda Dunes, Cathedral City, Coachella, Desert Hot Springs, Indio, Indian Wells, La Quinta, Palm Desert, Palm Springs and Rancho Mirage.

The attached chart contains a City by City breakdown of June sales of existing homes and condos.