For the first time this year, the median price of an existing home dropped in June compared to the same month in 2013, the California Desert Association of REALTORS® reported Monday.
The sales of single family homes also slipped slightly in June over June 2013, CDAR said in its monthly report. Condo sales also dropped compared to June 2013 figures.
The median price for single-family homes was $382,400 in June down from $389,000 in June 2013 while the median price of condominiums rose $28,222 in June over June 2013, the CDAR report showed.
There were 217condo sales in June, down from 519 the same month in 2013. Condos also saw a median price boost from $203,222 last year to $231,444 in June 2014.
"This slight drop in median price should be a welcome window of opportunity for buyers and maybe a price adjustment consideration for sellers, " said Sharon Rogers, president of the California Desert Association of Realtors in Palm Desert, commenting on the June report.
"Sellers will definitely want to work with their Realtors to make sure their house is priced right according to the current market conditions in order to make a good sale. Buyers will find some good deals now too with this drop in the median price compared to June 2013," she said. And with a change in the Canadian currency, homes purchased by Canadians "have not been as brisk as we have seen earlier this year."
Distressed properties including both short sales and foreclosures continued to fall in June. They accounted for 13 percent of June sales this year compared to 18 percent in June 2013. Condos saw a reduction in distressed sales with only 6 percent falling into this category in June of this year compared to 15 percent in June 2013.
The inventory of single family homes dropped in June compared to May. There were 2,359 single homes and 1,289 condos for sale in June compared to 2,471 single family homes and 1,186 condos for sale in May.