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Desert Housing Report, May 2023

June 30, 2023

Market Watch LLC has released its most recent housing report for May 2023.

According to the report:

  • The median price of a detached home in the Coachella Valley ended May at $695 000 down just .7% year-over-year. This is a very small decline, and the market continues to hold the price gains of the last five months. The median attached price rose $5,000 in May to end at $485,000. This is the third month of strong price growth, and the current price is only 1.2% below last May’s record price of $491,056. 
  • The three-month average of sales rose this month to 769 units a month from 665 last month. Some of this is seasonal but a lot is due to a general recovery in the market. It’s occurring in both the detached and attached market.
  • On June 1st inventory was 1,867 units, which is only nine units less than last
    month. Inventory has effectively remained unchanged for the last eight months. On June 1st the Valley’s “months of sales” ratio was 3.2 months, which is 1 month higher than last month but almost two months greater than last year. 
  • At the end of May, the median number of “days in the market” in the Coachella Valley was 44 days, which is four less than last month but 24 days more than last year.
  • In May, 17% of sales sold above list price compared to 58.3% a year ago. This is a slight increase from last month.

The above information provided is purely for informational purposes. While we do not doubt its accuracy, we have not verified it and make no guarantee, warrant or representation about it.