At the city level median home prices continue to increase year-over-year in the nine major cities of the Valley. Gains range from 41.8% for Rancho Mirage to 8.1% in the city of Coachella.
The three-month average of total sales, which shows both the seasonality and shorter-term sales trends, continues to hit all-time highs.
In May total sales hit an all-time high and were averaging almost 1,300 sales a month over the last three months. Two thirds of all sales were single-family residences and one third were attached homes.
On June 1st there were 682 units for sale compared to 2,793 units on June 1st of last year. This lack of supply continues to draw home prices higher.” – The Desert Housing Report