Coachella Valley real estate market update. Time for your market update regarding real estate here in the Coachella Valley. Actually, these updates are in regards to real estate in general. As we all know, loan rates have continued to increase. The increasing rates continue to dampen sales and refinancing, which tends to decrease housing starts. I represent land, farms and residential sales, acquisitions and investment opportunities. If you are looking to buy, sell or just want a free consultation as to the value of your property, give Kim Kelly a call at 760-285-3578.
REAL ESTATE MARKET UPDATE
- Residential construction spending increased .6% in August.
- Private sector spending for single family homes rose 1.7%. Climbing interest rates led to a 6% drop in mortgage applications last week.
- Apps fell to the lowest level since 1996! Lenders denied loan applications due to “insignificant income” more often last year than any time since 2018.
THE ECONOMY IN GENERAL
- The number of job openings jumped unexpectedly in August. Labor market strength seems to continue despite Fed rate hikes
- Manufacturing data improved for the 3rd straight month in September. Is the worst over for this sector?
- But…the services sector slowed in September, as new orders fell to a 9 month low. But..the pace was consistent with solid economic growth.
(The above information is courtesy of Walter Neil with Franklin Loans right here in the Coachella Valley.)
Take this tour of one of the most fabulous remaining large parcels of land in the Coachella Valley. Currently an equestrian layup facility, the seller will let it go for $125,000/acre, so for 77.8 acres the total sale price would be $9,250,000. This is the last remaining large parcel of land in a key area of our coachella valley..located on Avenue 53, just West of Monroe St. Take the tour of this amazing farm below..