Idaho Housing Market Analysis - August 2024
The Idaho housing market in August 2024 presents a nuanced picture with several key metrics showing both positive and negative trends. The Median Sales Price for homes in Idaho stands at $482,600, reflecting a slight decrease of 0.3% year-over-year (YoY). This marginal decline suggests a stabilization in home prices after a period of significant growth.
The Median List Price has seen a more pronounced decline, dropping by 3.5% YoY to $516,000. This reduction in list prices indicates that sellers may be adjusting their expectations in response to market conditions. Conversely, the median Price Per Square Foot has increased by 2.5% YoY to $274, while the Median List Price per square foot has risen by 3.7% YoY to $285. These increases suggest that while overall prices are stabilizing, the value per unit area is still appreciating.
In terms of sales activity, the number of Homes Sold in August 2024 was 2,470, marking a 3.9% decrease YoY. Pending Sales also saw a slight decline of 0.5% YoY, totaling 2,756. New Listings have dropped by 5.4% YoY to 2,900, indicating a tightening in the supply of new homes entering the market. The total Inventory of Homes Available for sale is 7,378, down by 3.7% YoY, which further underscores the reduced supply.
The Months of Supply, a critical indicator of market balance, remains unchanged at 3.0 months YoY. This stability suggests that the market is neither favoring buyers nor sellers significantly. However, the Median Days on Market have increased by 7.0% YoY to 41 days, indicating that homes are taking slightly longer to sell compared to the previous year.
The average sale to list ratio has improved marginally by 0.2% YoY to 98.7%, suggesting that homes are selling very close to their listing prices. However, the percentage of Homes Sold above list price has decreased by 3.5% YoY to 12.1%, indicating that fewer buyers are willing to pay a premium. Price Drops have increased by 5.3% YoY to 41.0%, reflecting a higher frequency of sellers reducing their asking prices to attract buyers. Additionally, the percentage of homes going off the market within two weeks has decreased by 2.5% YoY to 28.0%, suggesting a slight cooling in buyer urgency.
Overall, the Idaho housing market in August 2024 is characterized by a stabilization in prices, a slight reduction in sales activity, and a tightening supply. While some metrics indicate a cooling market, the increases in Price Per Square Foot and the stable Months of Supply suggest that the market remains relatively balanced.
