If you’ve been waiting for home prices to dip, you’re in luck.
The median price of a home in Ada County in July was $589,990, down 0.4% from June, according to the Boise Regional Realtors.
That price is still 9.3% higher than in July 2021, but the year-over-year increase is significantly less than when those percentages were routinely in the 20s and 30s in the past two years.
Statistics from July provide more evidence of a cooling housing market in Boise.
A primary reason for the slowdown is an increase in supply. At the end of July, there were 2,408 homes for sale, a 128.2% increase from July 2021 and the most since September 2015, according to the Boise Regional Realtors.
There were also 2.8 months of inventory in July, meaning if no more homes came on the market, the existing supply would run out in that time. Experts say a balanced market has four to six months of inventory. So, it remains a seller’s market.
Competition for houses is tapering off. Sellers have accepted lower offers, reduced prices and made concessions, the Boise Regional Realtors reported.
Ada County homes spent an average of 21 days on the market in July, an uptick from June’s 15 days and an increase from July 2021’s average of 13 days.
When competition peaked last year, buyers routinely were forced to pay more than the list price to buy a home. In July 2021, sellers received 101.3% of the original list price. This July, however, buyers paid an average of 95.6% of list.