Palm Springs Home Sales, Prices Soaring

Palm Springs Home Sales, Prices SoaringMore move-up and first-time buyers joined investors and second-home purchasers across the Coachella Valley to stoke sales in October, even as prices rose for the eighth consecutive month, two new reports show.

A total of 853 homes and condos sold valleywide last month, a nearly 16 percent year-over-year increase, San Diego-based real estate information services firm DataQuick reported.

The valley’s median price — half sold for more, half for less — rose 26 percent to $210,000 compared to October 2011, marking the fourth straight month of double-digit percentage increases in the median price, DataQuick reported.

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