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May Housing Numbers


The single-family Median Sales Price, after experiencing a significant $30,000 month-over-month increase in the previous month, took a slight pause but still managed to rise by $1,500 since March. This indicates a continued upward trend, albeit at a more moderate pace. Resale homes showed a slight recovery from the previous month’s significant hikes, with prices easing by nearly $2,000 compared to March 2024. This slight reduction suggests a stabilization in the resale market, providing some relief to potential buyers.


Ada County experienced a notable increase in home sales, with approximately 100 more homes sold compared to the same period last year. This surge represents a robust beginning to the Spring season, traditionally a busy time for real estate activity. In particular, new builds saw impressive sales figures, reaching the highest counts in April since March 2023, with a total of 324 new homes sold. This significant increase highlights the growing demand for newly constructed homes in the area.


The frequency of pending sales in Ada County reached levels not seen since June 2022. April’s performance was particularly strong, with resale pending sales surpassing all months since May 2022. The number of new contracts signed in April 2024 increased by 120 compared to March 2024, indicating a renewed interest and confidence in the housing market among buyers. This surge in pending sales suggests that the market is gaining momentum as more buyers commit to purchasing homes.


April 2024 witnessed the most substantial year-over-year increase in housing inventory since March 2023, with a 19.9% rise. This growth is particularly notable considering the 89.3% increase seen the previous March. The spike in inventory, coupled with rising pending contracts, increased home sales, and faster market speeds, is a positive development for the housing market. An increase in available homes provides buyers with more options and can help moderate price increases, contributing to a more balanced market.


The market speed for single-family homes accelerated to match the brisk pace observed during the summer of 2023. In the resale sector, the Days on Market metric shrank significantly, reaching a level not seen since June 2022, with homes now selling in just 14 days. This rapid turnover indicates a high demand and a competitive market for resale properties. New builds also experienced faster sales, with the average time on the market decreasing by 8 days in April compared to March. This quickened pace reflects the strong demand for new construction homes and the overall dynamism of the housing market.

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