Is the California real estate market rebounding finally?  According to many Real Estate Experts, what happened to the Real Estate Market across the state of California foretold the downward spiral of home prices, and overall home sales, across the country.

It appears that California Home Sales appear to have turned a corner.  In May, the Median Sales Price of a CA home increased to $267,570 - up over 4% from April, according to the California Association of Realtors, as reported in today's Wall Street Journal by Reporter Stu Woo. 

The California Inventory of Unsold Homes also continues to fall.  Today's report shows a 4.2 month supply of homes unsold, versus 5.6 months supply in April, and 8.7 months of supply in May, 2008.   In an average market, there is a 7 month supply.  However, the Realtor Association calculates median home prices are still 30.4% lower than they were this time last year. 

Today's report seems consistent with the Palm Springs real estate market. Sales have been continually increasing in all price ranges, since January.  In our office, June sales to date have been the strongest in over 2 years.  Although lower priced homes seem to be the busiest sector of the market, we're starting to see a number of sales in the over $1 million price range as well.

Although we're not seeing panic buying, many of those buyers that were sitting on the fence are realizing that perhaps the market has finally hit the bottom.  Its not unusual to have multiple offers on well priced properties lately, often with homes selling for over the asking price.

it feels like we've weathered the storm!  If you'd like to find out more about the Palm Springs real estate market, please contact me for more information.

Paul Kaplan

www.midcenturymodernps.com

760-285-8559

Pacific Union Real Estate