The housing market in the Boise area has officially flattened out after a period of fast growth during the COVID-19 pandemic.
The latest data from the Intermountain Multiple Listing Service for October show very small changes in the median home price in both Ada and Canyon counties – with housing prices floating in a range similar to those seen since May.
In Ada County, the median price of a home sold in October stood at $533,950, down less than .2% from September. In Canyon County, the median hit $422,455, up less than .01% from October. In other words: the prices stayed flat.
However, even with several months of little to no growth in sales price, the median in both counties remains well ahead of the same time last year, with the price up 30% from October of 2020 in Ada County and 28.5% for homes in Canyon.
The median price is the “halfway” point for sales. It means half of all homes sold above the amount, and half sold for below the amount.
Nationally, the median price of a home sold stood at $352,800, according to the National Association of Realtors – marking the third straight month of declines. (National data lags local data by one month.)
Rate of sales slows
Homes are also taking longer to sell. In Ada County, the average home sold in 23 days. While that’s still a very quick time period, it is a significant slowdown from the 19-day mark in October, and well ahead of the low achieved late this spring of 10 days.
In Canyon County, it took 26 days for the average home to attract a deal, from just 19 days in September.
The number of available homes declined slightly across the two counties in October, with 1,880 houses for sale as of the last day of the month. That’s a decrease from the 2,029 houses for sale at the end of September.
Inventory levels increased every single month this year before October – but in a more typical cycle, inventory levels start to decline in the fall and into the winter before picking up in the spring.