The median price of a home in both Ada and Canyon Counties declined on a month-to-month basis in August, with Ada seeing the steepest monthly decline in more than three years.
The median price in Ada Co. dropped to $565,000, down from $589,990 in July. It marks the third straight month of decline in the state’s most populous county, and brings home prices back to levels not seen since February. The price is still more than 6.5% higher than August of last year.
In Canyon, the median is at $440,990, down very slightly from $441,995 in July. The Canyon Co. median price also declined for the fourth straight month.
The data comes from the Intermountain Multiple Listing Service. The median price is the ‘halfway point’ of all homes sold, with half selling for more than the price and half selling for less.
Homes continue to take a bit longer to get deals in place. In Canyon County, it took an average of 31 days to get a deal signed. In Ada, that milestone took about 29 days on average. That’s an increase in both counties.
The number of homes available on the market between the two counties as of the last day of August stood at 3,710 – down very slightly from July. But that’s nearly double the number of homes for sale last August, and more than four times as many houses for sale in August of 2020.
The slowdown in market activity from last year shows up in the total number of houses sold. So far this year, 6,107 single-family homes have sold in Ada County, a 13% decline from the same period last year. In Canyon County, 3,567 houses changed hands – a dip of 8.6% from the first eight months of 2021.
While home prices are one factor in the housing market, apartment rents are another significant piece. As we reported last month, rents remain high but haven’t gone up as quickly as last year.