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Home sales up 16.5 percent in May, says California Desert Association of Realtors
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The Public Record
- Article date:
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July 22, 2008
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Copyright informationCopyright Desert Publication, Inc. and Sharon Apfelbaum Jul 22, 2008. Provided by ProQuest LLC. (Hide copyright information)
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Coachella Valley home sales jumped 13.7 percent in May over May 2007 while the median price of an existing home fell 27.7 percent, the California Desert Association of Realtors reports.
"The rise in sales also accounts for the drop in overall inventory - the lowest total inventory since December 2006," said Greg Berkemer, executive vice president California Desert Association of Realtors. "The unsold inventory first half of '08 compared to last half of 07 has also dropped from 14.5 to 13.9 months."
He said the market continues to be shaped by the number of distressed properties in foreclosure process, short sales and bank-owned sales and in new listings added daily to inventory.
"It is ...
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