Want to buy a home? October housing numbers are out. Here’s what to you need to know
Fortunately for hopeful buyers dreading a return of May’s 8.7% month-to-month price jump, local housing numbers are holding steady, and the market is showing more signs of easing up.
Ada County median home prices went from $534,950 in September to $533,950 in October, a 0.2% decrease, according to Intermountain Multiple Listing Service. The same was true in Canyon County, which saw median home prices rise by 0.1% to $422,445.
“We’re starting to see a shift in our market,” Jeffrey Wills, president of Boise Regional Realtors, said in the group’s latestmonthly report. “While homes still sold for near record highs for the last few months, we haven’t seen the same month-over-month price jumps, and properties aren’t flying off the market quite as fast as they were this spring and summer.”
The report noted that the “primary factor driving up the median sales price” has been low housing inventory, resulting in a fast market in which more and more people offered above the asking price. Between October 2020 and July 2021, more than half of all homes were sold for more than the listed price, and less than one home per week was sold at a reduced price, according to the report.
That number has since dropped, with 26.1% of October homes sales sold above listing, and an average of eight houses per week sold at a reduced price.
“The median sales price for existing homes has held relatively steady, as has buyer demand,” Wills said in the report. “Homes are still selling at near record highs, but the rise in list prices may have eliminated some of the multiple-offer situations and competition we saw occurring earlier this year.”
Month-to-month, home prices have been staying level. But the year-to-year prices still show evidence of earlier months’ rapid increases. Prices have risen by about 30% in both counties since last year. In October 2020, the median price of homes was $410,000 in Ada and $321,900 in Canyon.
The speed of the market is slowing too. Homes sold the fastest in 2021 around the midyear point. In June, Ada County homes sat on the market for an average of 10 days. In May, Canyon County homes sat on the market for an average of 12 days. In October, homes sat on the market for an average of 23 days in Ada and 26 days in Canyon.
Inventory fell by 8% in Ada, with 1,145 active residential listings. But fortunately for those looking to live in Canyon, supply surged from 480 active listings in September to 745 in October, a 55% increase.
Lack of inventory is still the biggest driver of local home prices. And while it’s not exactly a healthy inventory at the moment, it’s a far cry from January, when supply bottomed out. Only 260 homes were listed in Ada County and 160 in Canyon at that time.
There was one area which did not improve for home buyers: newly constructed homes. While the price of existing homes in Ada County went down by $5,000 to $520,000 in October, the price of newly constructed homes went up by $22,600 to $572,450.
In Canyon County, the median price of existing homes fell by $4,144 to $395,300, while the price of newly constructed homes went up by $6,282 to $471,277.
Sally Krutzig covers Treasure Valley growth and development. Have a story suggestion or a question? Email Krutzig at skrutzig@idahostatesman.com.
