This month, year over year housing price increases have reached nearly double the national average in Coachella Valley.
Confirming this increase is Kimberley Kelly, a Real Estate Agent at Kimberley Kelly and Associates. She said, "A large percentage of our Coachella valley home buyers are cash, and our local inventory is still very low...As prices have gone up, cash buyers have continued to pave the way for a large percentage of our valley buyers."
As of now, the median price for a home in Coachella Valley is $549,714, which represents a large increase of $119,800, or a 27.9% increase, since May of last year.
When compared to the rest of the nation, the results are even more shocking. The median price for a home in the US is $423,932, and that number has increased 15.3% in the last year, making it difficult for many families and individuals to purchase a home.
In California, the problem has been particularly bad. According to Redfin, Palm Desert, CA has the sixth fastest growing prices for homes among all metro areas in the US.
The worsening conditions are making the dream of owning a home seem out of reach for many families and individuals.
Jordan Levine, chief economist for the California Association of Realtors, said, “Not everybody can absorb the one-two punch of rising prices and interest rates. It creates a sense of urgency.”