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The housing report covering April 2025 reveals notable trends in the Palm Springs real estate market, showing prices declining slightly compared to last year.
Driving the news: The Desert Housing report for last month shows Palm Springs had the greatest price decline of any valley city, with the median price for an average-sized (2,175 sq ft) detached home dropping to $1.32 million, down about 3.8% compared to last year.
Context: The report notes that valley-wide, home prices have held the price gains made during the pandemic. Because the desert is a seasonal market, median prices tend to hit a seasonal high in April or May, and a low in the fall and winter months.
By the numbers: Inventory valley-wide has significantly increased, with 3,799 units available as of May 1 — 1,349 more units than the same time last year. Palm Springs had the greatest inventory of any valley city, with 872 homes for sale as of May 1, compared to 630 last year.
What else: Homes in Palm Springs were the second fastest selling in the valley, with an average of 45 days on the market.
Wrap up: The report explained that while inventory has recovered to pre-pandemic levels, lower sales mean supply is beginning to exceed demand.
What to watch for: The report said, “The housing market needs lower mortgage rates,” but despite temporary adjustments to tariffs and slowed inflation, but the Federal Reserve has not given any indication it will lower interest rates.
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