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ADA COUNTY
MEDIAN SALES PRICE —
- For the first time since Apr 2021, the MSP for resale homes hiked beyond that of new builds.
- Explanation: the average square footage of homes sold for existing also surpassed new builds this month.
HOMES SOLD —
- Single-family and existing home sales saw their first slip since Jan 2024 while new construction recovered from its slight 8.6% dip in May.
- While monthly shifts may be volatile, long-term trends have remained relatively even.
PENDING SALES —
- Pending contracts are up an even 200 signings compared to Jun 2023.
- All sectors have experienced double-digit percentage improvements compared to Jun 2023.
INVENTORY —
- Inventory has made significant strides toward recovering from 2020-2022 shortages.
- Our Months' Supply of Inventory (MSI) has bounced back to Oct 2022 levels.
DAYS ON MARKET —
- Aside from a brief bog in May, we've seen a speed-up in the market since February, consistent with seasonal shifts.
- Market speeds are similar to those of Summer 2023, Fall 2022, and Winter 2021.
CANYON COUNTY
MEDIAN SALES PRICE —
- As we remain in an imbalanced market, we're still seeing the Median Sales Price climb for most sectors.
- New construction is the closest to a balanced market with an MSI of 3.0, allowing it space to breathe in Jun.
HOMES SOLD —
- Timing for new construction's inventory increase was opportune with a bump in home sales. Otherwise, the pinch in demand could've driven prices up for that sector, as well, in Jun.
PENDING SALES —
- While closed sales took a nap for single-family overall and resale homes, the sectors were not without activity. They both witnessed bumps YOY and MOM in pending contracts.
INVENTORY —
- Canyon's new construction options opened up quite a bit in Jun, allowing buyers slightly more room to negotiate which likely assisted in decreasing the sector's Median Sales Price.
DAYS ON MARKET —
- Resale home market speeds stalled for the first time in 5 months in Jun. This hiccup caused the first YOY stretch in 10 months.
- New construction, however, sped past its 2023 counterpart by nearly 20 days.
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