Palm Desert's real estate market is experiencing a price correction, with values down 13.5% from last year. Home prices have decreased 13.7% in the past month. With 4.8 months of supply, Palm Desert's inventory levels remain relatively tight. Homes are taking about 60 days to sell, which is 13 days longer than this time last year. A significant 31.1% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Only 3.9% of properties sold above asking price, giving buyers more negotiating power. Affordability remains a significant challenge in the Palm Desert market with the affordability index at 66.7. Based on current market indicators, home prices in Palm Desert are projected to increase by approximately 25.6% over the next month.