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Palm Springs Area Real Estate Market Trends August 2018

Written by Posted On Friday, 14 September 2018 19:55

Rising home prices, higher interest rates and increased building material costs have pressured housing affordability to a ten-year low, according to the National Association of Home Builders. Keen market observers have been watching this situation take shape for quite some time. Nationally, median household income has risen 2.6% in the last 12 months, while home prices are up 6.0%. That kind of gap will eventually create fewer sales due to affordability concerns, which is happening in several markets, especially in the middle to high-middle price ranges.

The overall Median Sales Price in Palm Springs area was up 6.3 percent to $340,000. The property type with the largest price gain was the Attached Homes segment, where prices increased 8.2 percent to $265,000. Closed sales were down 8.1 percent. Pending sales were up 2 percent. While market-wide, inventory levels were down 8.5 percent, we anticipate that will grow as we enter the Fall selling season.

The decrease in close sales, relatively minor increase in pending sales may be indicate a softening in the market or perhaps a peak that may now be in the rear-view mirror. It is ill-advised to predict a heavy shift toward fewer sales and lower prices. Housing starts are performing admirably if not excitingly, prices are still inching upward, supply remains low and consumers are optimistic. The U.S. economy is under scrutiny but certainly not deteriorating.

Team Michael Keller Williams Realty Palm Springs

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Michael Hilgenberg (CalBRE# 00938044)

Michael has over 40 years in the Real Estate industry. He developed one of the top producing Teams in the Palm Springs area, ranking in the top 25 Teams in Keller Williams International. Michael is currently on the Board of Governors of the Keller Williams Luxury Homes International, helping develop the acclaimed Luxury Homes Division International.

Past President of the Board of Realtors, State Certified Broker Specialists & State Certified Residential Specialists, 25 years as Director of the California Association of Realtors.

Founded Keller Wiliams Realty in the Coachella Valley in 2003 currently with 4 offices, 550 agents and most recently opened a new Keller Williams Realty in Redlands,CA

Michael comes from a family of real estate with his father starting their family real estate firm near Green Bay, WI over 45 years ago.

Keller Williams Realty
CalBRE# 00938044

www.servingpalmsprings.com/

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