After months of quickly rising home sales and prices, the Treasure Valley housing market's growth may be slowing, according to the September report from the Intermountain Multiple Listings Service.
The market remains strong overall. Renewed building coming with the recovery from the recession added some much-needed inventory to the thirsty market. However, a recent influx of used homes listings has been the greater factor. There are 1,889 used listings in Ada County, a 29 percent increase over Sept. 2012. The 943 used listings in Canyon County represent a 32 percent year-over-year increase.
However, the red-hot market enjoyed by home sellers during the spring and early summer has cooled a bit.
In May, for example, the year-over-year median home price had increased a whopping 32 percent in Ada County and 36 percent in Canyon County. Such double-digit increases were typical until median sales prices started leveling off.
The Ada County median price has dropped about 8 percent since June's post-recession high of $212,000, falling to $194,500 in September. Canyon County's median price is down marginally in that time, falling from $131,550 in June to $130,000 in September.