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Data shows (slight) cooling of housing market: Inventory up, homes sold dip from prior year

The latest housing stats are in for the Treasure Valley – and the metrics show the market cooling somewhat from its blistering hot pace this spring and over the last year or so.

There’s a rare decline in median prices in Canyon County. It’s the first significant drop in median price since before the pandemic in Canyon County.

The median price level in Ada County returned to increases in July, but nowhere near the breakneck pace seen this spring. Another key metric – homes available for sale – saw a big increase in both counties, with more homes available for sale in both counties.

That’s the story from the monthly data released by the Intermountain Multiple Listing Service which tracks home sales.

Overall, the housing market remains at or near historic highs.

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Median home price

The median price of a home in Ada County stood at $540,000 in Ada County in July – that’s up 2.8% from the median in June, and up 40% from July of 2020.

In May, the median price jumped past the $500,000 mark for the first time ever, when the price jumped 8.7% in a single month. In the two months since, the median increased just 3.2%.

In Canyon County, the median stands at $414,750 for the month of July, which is down 2.2% from June and up 38% from July of 2020.

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The drop in median price in Canyon County marks only the second decline since the beginning of 2020. The median level dropped off less than $1,000 from December 2020 to January 2021 – or 0.28%, so this 2.2% decline is more significant from a statistical perspective.

A single month can make it hard to judge where the market is headed, and we’ll need several more months of data to see if this is a change – or just a one-month anomaly.

For context, the national data shows that prices are rising across the country – though they are at a higher level in the Treasure Valley. The National Association of Realtorssaid the median price nationwidestood at $363,300 in June, another monthly record.

Inventory pops

The number of homes for sale across the two counties in July is at its best level since May of 2020 – with big increases from the prior month and even up from July of 2020.

Ada County saw 1,055 homes for sale, while Canyon had 676 options. Intermountain MLS looks at homes for sale on the last day of each month, providing a snapshot, which doesn’t reflect homes that might go up for sale and then flip to pending status within a single month.

Combined, the inventory metric showed 1,731 houses for sale across the two-county region, more than triple the inventory available in January when just 429 homes were listed for sale. The data also shows there are 64% more homes available than in July of 2020, and 43% more than just a month prior.

The inventory level also showed up in a related metric, number of days on the market. For Ada County, the average home went from listing to pending in 13 days. While that’s still way below the 35-day average last year, it shows a 30% improvement from June when a house went pending in just ten days.

For Canyon County, the average home also sold in 13 days – flat to a month ago, and still well below the 39-day average in July of 2020.

In another sign that the housing market has cooled a bit since the same time a year ago, the number of homes sold or pending backed off the highs seen last summer.

The number of houses sold between the two counties stood at 1,643 – a decline of 53% from the 2,522 sold a year prior.

The number of homes listed as pending, awaiting final sale, stood at 2,716 in July, 2021 – down 14% from the 3,119 pending in July of last year.

Ada CountyJuly 2021June 2021July 2020
Median price$540,000$525,000$390,000
Active listings (last day of mo.)1,055729743
Houses sold1,0279711,449
Houses pending1,6051,6762,046
Days on Market131035
BoiseDev.com graphic; Data: Intermountain Multiple Listing Service
Canyon CountyJuly 2021June 2021July 2020
Median price$414,750$424,000$396,000
Active listings (last day of mo.)676477310
Houses sold616589636
Houses pending1,1111,2071,073
Days on Market131339
BoiseDev.com graphic; Data: Intermountain Multiple Listing Service
Don Day - BoiseDev editor
Don is the founder and publisher of BoiseDev. He is a National Edward R. Murrow Award winner and a Stanford University John S. Knight Fellow. Contact him at [email protected].

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