IDAHO, USA — Sales and prices for houses have come down from last year but April saw an uptick by 7.0%, according to Boise Regional Realtors. It was the highest month increase in the past 19 weeks.
"Forbes.com warns that housing market activity could be dampened by mortgage rate changes as it has been in other areas across the country already. Lowered purchasing hunger could result in lower prices, but their research anticipates a nationwide price decline is likely not in the cards. For example, Ada County's price bump this month nudged the MSP to pre-winter range and will likely continue to rise if supply recovery dwindles," a press release stated.
According to Boise Regional Realtors, sales have lessened but that also gives time for new listings of homes for sale to catch up with the demand. Existing homes sell the quickest, spending on average 31 days on the market.
"There were 645 sales in Ada County, 398 of which were existing homes and 247 were new construction. April marked the fourteenth consecutive year-over-year reduction in sales at 21.0% — 13.1% less than March's transactions," the release stated.
In Elmore County, sales are down from last year.
"With 34 closings last month, the number of home sales decreased 38.2% compared to the same month a year ago. Of those, 26 were existing/resale homes and 8 were newly constructed homes," the release stated.
In Gem County, sales have also dropped.
"Due to the smaller number of transactions that occur in the area, we use a rolling 12-month median sales price to get a better idea of the overall trends. This month marks the first year-over-year drop in median sales price since May 2016. March 2023 showed a decrease in pending sales (down 44.6%) and increase in inventory (up 29.8%) which opened the door for April's prices to ease," the release stated.
"Down payment assistance programs and rate buy-down programs continue to be an asset to buyers who are hesitant due to recent mortgage rate changes," Boise Regional REALTORS® 2023 President Debbi Myers said. "Whether you are purchasing your first home or upgrading to fit your current lifestyle, real estate remains a powerful long-term tool for your financial portfolio. Connect with a REALTOR® and learn what programs may fit you best for a changing market — both as a buyer and a seller."
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