Is It Time To Buy ? Palm Springs Area Median Home Prices Up $40,000 in 1 Year.

A question being asked on a daily basis,  and answered speculatively depending on which part of the country you live in.  Some foresee more doom and gloom, others see  opportunity and stability edging up.

I can only talk about Palm Springs real estate , the Desert Cities , my personal experience  as a real estate agent in this part of the country, and hard data supplied by our Desert Area MLS.

The chart below, shows the Median Prices by California regions , and current Month vs. Year ago .


The numbers are encouraging and they represent hard numbers based on the Desert MLS real estate activities for that period. 

As for July , that's where my personal opinion based on my activities as realtor comes in. I personally  had a busy July and busier August so far . And with our desert season approaching ,  the Canadian and Northwest Snowbirds will start flocking and that should boost  more home sales and the prices.

So is it time to buy ?  I say yes based on several factors : 

1- Prices in the Palm Springs Area are have been going up.
2- Interest rates are at historic lows.
3- Inventories are at their lowest since August 2009 in the Palm Springs Area ( Source California Association of Realtors)
4- Several FHA  & California programs are coming on this fall to help people keep their  homes. Read my previous blogs for details. 

Your thoughts ?

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