Coachella Valley Update - Sales Prices up in May

Home sales rose 6 percent across the Coachella Valley in May in contrast to double-digit declines in Riverside County and the rest of Southern California.

Last month, 1,087 single-family homes and condominiums sold in the valley, San Diego-based DataQuick Information Systems reported. Cities with the strongest sales included Palm Desert with 203, Palm Springs with 187 and La Quinta with 142.

The median price — half sold for more, half for less — was $204,000 in May, a 3 percent decline from May 2010, DataQuick reported.

Compared to May last year, sales fell 12.5 percent in Riverside County and 17.4 percent across Southern California.

In recent months, the valley's home sales have fared significantly better than the rest of Southern California, driven by second-home buyers and bargain hunters.

That hasn't helped stabilize prices, but it is helping to slowly clear out the huge inventory of real estate, a critical step in rebuilding the local economy.

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