New listings in the Palm Springs area were down +2.9% last week. New listings are still well below normal, as is inventory, which has remained fairly constant over the last few weeks.

 

New escrows have remained just below 200 for each of the last three weeks and we saw a slight drop in average selling prices to  $566,395.

 

A return to more normal inventory levels was predicted earlier in the year, but at this point, with interest rates remaining near record lows and strong buyer activity, it's difficult to see what will be the catalyst to change the market off of its current trajectory.

 

Come back each Monday to get the latest update on our local real estate market. 

  

NOTE: The video version of The Monday Minute will return on October 4.