Quick recap:
- Median Sales Price: $520,000 which is down 8% year-over-year.
- Homes Sold: 675 which is down 8.4% year-over-year.
- Days on Market: 34 which is up 17.2% year-over-year.
- Inventory: 1,529 which is down 35.6% year-over-year.
SALES PRICES COOL IN ADA COUNTY — WILL IT BE ENOUGH?
The median sales price in Ada County depressurized by $20,000 to $520,000 in August 2023, bumping us down to the lowest median sales price we’ve seen since April for single family homes. Resale saw the biggest price adjustment — a slant of $29,999 compared to last month — while new construction saw a $7,445 month-over-month hike to $552,445.
Even with the helping hand of lower housing costs, mortgage rates continue to pose as a formidable foe for both buyers and sellers. Mortgage rates for a 30-year, fixed-rate loan sit at 7.12%, according to Freddie Mac, for the week ending September 7th.
Supplements to inventory are likely a contributing factor to the slight easing on affordability. August marked the 6th month of positive comebacks for single family inventory. New construction showed the strongest recovery at 4.2% while resale improved by 4.0%.
Market times for single family homes have remained relatively steady since May and were a direct mirror of last month at 34 days. Resale experienced an acceleration compared to 2022 from 28 days to 27 days in August 2023. New construction’s pace was slightly less hurried at 51 days.
Pending contracts were consistent with last month’s report where mortgage applications had decreased by 3.1% according to the Mortgage Bankers Association. The pause in activity reflected in a month-over-month hiccup in pending homes of 6.2% and a 23.6% hold compared to the year before.
On the opposite side of the same coin, sales boosted this month compared to last month for a total of 675 sales. Year-over-year comparisons remain in the deficit but resale’s month-over-month comparison shows positive growth to 481 sales. New construction was the only sector to see a 1.5% slump in sales compared to July 2023.
Working with a REALTOR® in a changing market allows you a unique transaction experience you may not receive with an unaffiliated sales agent. Extensive toolkits through designations and certificates, stronger professional relationships with other agents through networking, and specialized market knowledge allow our members to navigate transactions with increased efficiency and professionalism.
Looking to sell? Call or text Kami at 208.713.1933.
*All information and graphics provided by Boise Regional REALTORS®
