Sales in August 2024 were once again well below normal levels, according to a report that many in the Coachella Valley real estate industry expected. In fact, the survey included Indian Wells, Coachella, Rancho Mirage, Bermuda Dunes, Palm Desert, Indio, Desert Hot Springs, La Quinta, Cathedral City and Palm Springs.
August was the last month before the Federal Reserve began cutting interest rates by 0.5 points, a change that took effect in mid-September. Local real estate professionals are reporting an uptick in activity in response to the cuts, and next month’s Desert Housing Report, published monthly by Greater Palm Springs Realtors and the California Desert Association of Realtors, is expected to be a hot topic. This will be the latest information.
Despite these challenges, prices for single-family homes rose in seven of the 10 Coachella Valley cities, while prices for attached homes fell in seven of the 10 cities. The breakdown is as follows:
In August, the desert faced a number of challenges for the real estate market. Buyer representation agreements became mandatory on Aug. 17, interest rates remained high and temperatures exceeded 110 degrees for 19 of 31 days, according to AccuWeather. Moreover, some experts suggest that the upcoming elections are contributing to the market slowdown.
The election is expected to be decided next month, with temperatures starting to cool next week, as well as adjustments to buyer agency agreements and a slight decline in interest rates (with the possibility of further rate cuts on the horizon). Together, the situation may improve.
Author Eric Gray is a REALTOR®️ with Better Homes and Gardens Desert Lifestyle Properties, CA DRE 02225444.
