National home buying data is showing encouraging numbers. While purchase volume last month was lower by over 35%, the most recent data has shown a resurgence. Now, home buying is only 1.5% lower than a year ago, mortgage applications have risen steadily over the past three weeks, and rates continue to drop. These are all positive factors for the economy and are completely different compared to what we saw from 2007 to 2009.
Locally, we are experiencing increased buyer interest despite the typical summer lull. Real estate data from the Coachella Valley has been surprisingly positive – especially when compared to our large feeder markets in Los Angeles, Orange County, San Francisco, and Seattle. To better understand the current local data, please see this blog post from one of the local valley brokers.
We are excited to see the shift that is occurring in the desert. More importantly, this psychological shift is being validated in the data – it’s not anecdotal or a gut feeling – and assuming that this migration pattern continues for the remainder of the year, the Coachella Valley appears to be in a good position. The success of real estate is based on two key factors – location and timing – and we know that SilverRock is in the unique position to take advantage of both.