Thursday, October 10, 2013

Market Getting Stronger in Coachella Valley - October 2013

According to the most recent article in the Desert Sun, Our Housing market is on the rise.  Excerpts of the article are below.
The Desert Sun - Palm Springs, Calif.
Author: Fong, Dominique

The California housing market will coast through a steady recovery into the next year, buoyed by rising median home prices and a drop in distressed property sales, according to a 2014 market forecast released Tuesday from the California Association of Realtors.
"The share of equity sales has increased sharply," Leslie Appleton-Young, chief economist for the association, said during a conference call for reporters. "That illustrates what a housing recovery looks like."
In 2009, 60 percent of home sales in California were bank repossessions, but they now total 5 percent of all sales, Appleton-Young said. Foreclosed homes have shuttled through the pipeline, easing the market from heavily distressed property sales to a robust spike in equity sales.
The forecast projects 444,000 homes sold next year across the state, a 3.2 percent gain from the 430,300 sales estimate for this year. The California median home price is expected to reach $408,600 this year, up 28 percent from 2012. The price is expected to inch up to $432,800 in 2014, according to the forecast.
The Coachella Valley has mirrored the state's upward trend. In August, the median home price rose 25 percent from the year before to $250,000, according to DataQuick, a San Diego-based firm tracking real estate data.
The spike in prices may persuade more underwater homeowners to put their home on the market, housing experts said. More listings trickling in will help expand the current three-month inventory shortage. A normal supply is six to seven months, Appleton-Young said.

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