As the charts show, prices for detached homes in the valley have been surging.
The median price in November for a detached home in the Valley was $510,000, on par with October. All nine cities show year-over-year price gains in their median price for detached homes, avering 777 sales a month compared to 597 units this time last year. Attached homes have been averaging 333 units a month and are up 67percent over a year ago. The current ratio of 2.1 months of inventory is the lowest in the Valley in history and almost 50percent less than a year ago. Demand currently far exceeds supply and is forecasting a continuation of higher prices moving into 2021.
Note the growth rates in La Quinta, Palm Desert, Palm Springs and Indian Wells. Note that the attached home market is primarily a remote owner market where the buyers do not live in the region but come in from outside.