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June Market update

Updated: Jul 1



Median Sales Price

  • The overall median sales price has soared by nearly $18,000 compared to last year, though it dipped slightly by $5,000 month-over-month.

  • Resale median sales price is an impressive $30,000 higher than May 2023.

  • May's new build median sales price was the third highest since November 2022, showcasing strong demand!


Homes Sold

  • May marked a high point with the most single-family home sales since June 2022, when the median sales price was $592,090 and the mortgage rate was 5.09%.

  • Only twice in the past 20 months did closed home sales exceed 500 units: May and June 2023, highlighting a vibrant market!


Pending Sales

  • While inventory surged, pending sales for existing homes took a brief nap, with a slight decrease of nearly 100 contracts this month.

  • However, pending sales bounced back with an increase of 20 contracts from the previous month and a remarkable gain of 170 contracts year-over-year.

Inventory

  • Ada County reached a milestone with the highest inventory for all sectors in 18 months as of May.

  • Existing home inventory saw a significant boost, rising by over 250 homes month-over-month, marking the highest resale inventory since October 2022.


Days on Market

  • The days of 40-50 days on the market from December to February for existing homes are over! May's days on market stayed in the 20s, indicating quick sales.

  • New build inventory's longer days on market, over 70 days, has helped keep the market balanced and healthy.


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