06/21/2023
Curious what’s happening in the Boise Area housing market? Some snippets & data points.
Have questions? ☎️ call me, I love to talk about housing.
🏡There were 1,259 single-family homes available in Ada County in May, a reduction of 17.2% compared to the same month last year. This is the first year-over-year decrease in inventory we’ve seen since June 2021. Resale home options decreased by 22.2% while new construction choices slid by 9.9% compared to May 2022.
According to market highlights released by NAR on June 8th, the US housing market remains shy of 300,000 affordable homes for middle-income families. 🥔Boise was listed as one of the metro areas with the fewest affordable homes available for middle-income buyers. Five years ago, the income group was able to afford half of all available homes but that number has shrunk to 23%.
This month’s accelerated market speeds threaten to lower inventory moving into summer months. Comparisons for all sectors remain extended year-over-year, but single-family homes went under contract 19 days faster than the month before for a total of 36 days on market. 🔨🪜New construction experienced the greatest shift month-over-month, shortening from 93 days in April 2023 to 66 days this month, while existing homes’ days on market depleted by 7 days. These hastened speeds have brought us back to pre-COVID market times, as shown in the chart below:
Reports and GraphicsAda County Press ReleaseElmore County Press ReleaseGem County Press ReleaseMarket Metrics Glossary SALES AND PRICES COOL IN ADA COUNTY The median sales price in May 2023 ebbed 10.9% compared to May 2022, landing at $534,900 — a $17,400 boost from last month. A breakdown of home...