House sales and prices are climbing up amid Palm Springs foreclosure auctions. The April and May sales figures for new and pre-owned homes showed substantial improvements.
Buyers are now seeing the wisdom of acquiring lower-priced properties before they spike. Homeowners who need to resell are also encouraged by developments in the market, as they could now pursue their plans after selling their homes at a better price than last year.
In the Coachella Valley, where the desert city of Palm Springs is situated, the sales price median for homes sold in April jumped up to $215,000, reflecting an almost 23-percent spike from the April 2009 median. Sales also rose by more than 8 percent to 1,029 units.
In May, home sales increased again in the valley. A total of 1,021 units were sold, marking an 8-percent jump year-over-year. The sales price median also climbed up by 16 percent to $210,000.
The strength of the valley’s economy and improvements in many markets across the country have pushed up sales and prices despite the downward pressures of Palm Springs foreclosure auctions.
Since December last year, home prices in the valley have continued to improve from the $180,000 price level that was slow to move up last year.
Home auctions in California surged again in May, after declining substantially in April, but the surge was only slight compared to rates of increases in the past. Foreclosure filings increased to more than 72,000 postings, but the number of units that were repossessed through house auctions for sale dropped to 15,946.
Across Southern California, home prices also improved substantially. For the first time in almost two years, home prices surpassed the $300,000 threshold in May as buyers took advantage of lower mortgage rates and attractively-priced homes.
While the price impact of Palm Springs foreclosure auctions weakened, other areas in the Coachella Valley, like Desert Hot Springs, Thousand Palms, Coachella, Thermal and Indio are still suffering from the price effects of foreclosures.
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