PRICES: The median price of a detached home in the Coachella Valley in March was exactly $700,000, up 2.2% year over
year. The median attached price was $500,000, up 8.7%. Changes in city prices of the average size home ranged from a
21.7% gain in Indian Wells to a decline of 5.9% in Desert Hot Springs. Six cities have year over year gains for their average
size attached home.

SALES: For another month, three-month sales were more than last year. This month sales averaged 633 units compared to
577 units a year ago. Every city except Desert Hot Springs and Indio had higher three-month sales compared to last year.
The cities with the largest percentage-wise increase in sales are Indian Wells and Palm Springs, with sales increases of 49%
and 23%, respectively.

INVENTORY & “MONTHS OF SALES” RATIOS: On April 1st, Valley inventory was 2,450 units, which is the highest number
of units for sale since June of 2020. While improved, this number is still 500 to 1,000 units less than historic norms. The
Valley’s “months of sales” ratio was 3.9 months, which is .8 higher than last year. Every city but Coachella has a ratio over
three months, with four cities now having ratios over four months. A ratio of three to four months is considered normal. The
current even distribution of ratios by price range indicates that supply and demand remain balanced throughout the region.

DIM: At the end of March, the median number of “days in the market” in the Coachella Valley was 42 days, which is two
days less than last year. The City of Coachella has the smallest median selling time for detached homes at 31 days,
followed by Indian Wells at 38 days. In the attached market, Bermuda Dunes has the shortest average selling time at 16
days, followed by Indio and Rancho Mirage at 35 days. We continue to believe these median selling times will remain
around current levels as we progress further into the year.

PRICE DISCOUNTS/PREMIUMS: In March, the percent of homes selling over list price was 14.1%. This is marginally higher
than last year. There are currently no average selling premiums. All cities are selling detached homes at an average
discount, which range from .7% in Desert Hot Springs to 4.1% in Bermuda Dunes. Average discounts for attached homes
range from 1.5% in Indio to 3.9% in Bermuda Dunes.