Data for the local housing market in July show signs of a continued slowdown in home sales.
Housing includes many elements such as rental apartments, homeless people, etc., but homes for sale are very prominent in the market.
The latest data from the Intermountain Multiple Listing Service shows that the median is down slightly in both Ada and Canyon counties. Ada’s median was $589,990 in July, down less than 1% from his $592,090 in June. Canyon’s median price was $441,995, down less than 1% from June’s $444,990.
The median is the “midpoint” of all homes sold that month. That means half of the homes sold at a higher price and the other half at a lower price.
Prices haven’t skyrocketed, especially in Ada County. The median price for May he peaked at $602,250. Then he was 2 months and the price fell by only 2%. At Canyon he peaked in April and in the rearview mirror he’s been three months and the price is off top he’s 7% off.
Also, for the first time since September 2020, the Canyon County median is below the national median as of June. (National data lags behind local data by several weeks.)
The median data point reflects some lag due to how homes are sold. Once the deal is done, it may take 30 or 60 days for the home to officially close. More than 2,000 homes are pending final sale, according to IMLS.
Inventory levels in two counties also continued to increase in July. A total of 3,773 homes were put up for sale as of the last day of the month. This is the highest number of homes on the market even before the COVID-19 pandemic began impacting Idaho. Also, day and night from January 2021, only 429 homes were available for sale as of the last day of the month due to seasonal trends and market-wide frenzy.
Data from national brokerage firm Redfin shows a significant drop in home sales compared to the past three years. According to the company, from June 27 to July 24, 250 homes were sold in the metropolitan area. Last year, in the same period, he sold 385 homes, and in 2020, he has nearly 500 homes sold.
Redfin data also shows that in more than one-fifth of the homes on sale, sellers lowered the list price from the start. It’s a dramatic change from 2020, when very few homes have dropped in value. Redfin said the Boise Metro led the nation in its metrics in June.
A return to the $300,000 range?
Boise’s housing market has received a lot of attention during its rise, but things are changing.of The Wall Street Journal ran a long feature BoiseDev readers didn’t know it yet, but it brought it to a national audience.
Homebuilder Corey Burton is quoted in an article as saying the housing market has gone “too far.”
“We are slowly getting back to old Boise,” he said. told the WSJ. He told the paper he expects a return to pre-pandemic pricing. Due to COVID-19, “there’s been some shortage of people who were serious about moving.” “We have to get back safely into the $300,000 range.”
Currently, the CBH Homes website shows 47 homes for sale for under $400,000, many in Canyon County, Kuna and even Emmett. But homebuilders offer him much more at over $400,000 – 407.