MEDIAN SALES PRICE
The median sales price across all sectors has risen by nearly $18,000 compared to the previous year but has decreased by $5,000 month-over-month. The median sales price for resale homes is still a significant $30,000 higher than in May 2023. For new builds, May’s median sales price was the third highest since November 2022.
HOMES SOLD
In May, the number of single-family homes sold reached its highest level since June 2022. Back then, the median sales price was $592,090, and the mortgage rate was 5.09%. There have been only two instances in the past 20 months where closed home sales exceeded 500 units—May and June 2023.
PENDING SALES
Despite an increase in inventory, pending sales for existing homes dropped this month, falling by nearly 100 contracts. However, pending sales rose by 20 contracts compared to the previous month and by 170 contracts year-over-year.
INVENTORY
In May, Ada County recorded the highest number of available units in all sectors in the past 18 months. The increase in inventory was mainly due to existing homes, which saw an increase of over 250 units month-over-month, marking the highest resale inventory since October 2022.
DAYS ON MARKET
The trend of 40-50 days on the market for existing homes from December to February has ended, with May seeing the average days on market drop to the 20s. For new builds, despite lagging inventory, the average of over 70 days on the market has helped prevent a drastic market imbalance.
ADA COUNTY
CANYON COUNTY
