Palm Springs homes sold slightly faster than a year earlier, and the city ranked second in both total sales and speed of sales across the Coachella Valley.
According to the latest Greater Palm Springs Realtors Desert Housing Report, the median price for an average-sized detached home in Palm Springs fell nearly 15% from a year earlier to $1.13 million. Attached home prices fell 1% to $449,000. The report noted that median prices usually reach a seasonal high in spring and a low sometime in the fall.
Palm Springs inventory also declined. At the start of this month, 782 homes were on the market, down from 872 a year earlier. Across the Coachella Valley, inventory fell 7% year over year to 3,534 units.
Valleywide, the median price of an average-sized detached home last month was $691,000, down 4.6% from a year earlier. Attached home prices fell 0.5% to $498,000.
All nine valley cities posted year-over-year declines in detached home prices. Indian Wells, La Quinta, and Rancho Mirage recorded slight increases in attached home prices.
Homes in Palm Springs took an average of 43 days to sell, compared with 48 days a year earlier. That was the second-fastest pace in the valley, behind Rancho Mirage.