The Boise housing market saw some notable changes last month. For the first time since April 2021, the median sales price for existing homes surpassed that of new builds, with resale homes averaging $599,990 compared to $525,557 for new construction. It’s important to note that the average size of the existing homes sold was larger than that of new builds, suggesting that builders are focusing on smaller, more affordable homes, while buyers seeking more square footage are increasingly turning to resale properties over new construction.
Existing home sales dropped 15% from last year, while new home sales increased by 13.4%. This trend is another indicator that builders are focusing on creating more affordable homes to meet the growing demand not satisfied by available resale properties. Although existing home sales declined, pending contracts rose by an average of 20% across the resale and new construction market. Inventory levels have also improved, recovering significantly from the shortages seen between 2020 and 2022. Despite still being short of a balanced market, which requires a 4-6 months supply of inventory (MSI), we inched up to 2.7 MSI last month.
As Elizabeth Hume reminded us in June’s Boise Regional REALTORS® Market Report, overall county data might not reflect the specifics of your neighborhood or the area you’re considering. If you’re thinking about buying or selling, we encourage you to reach out to us. We can provide detailed information tailored to your property or area of interest. We’d love the opportunity to use our expertise in both broad market trends and local nuances to best serve you in this ever-changing market!
For a quick snapshot of the Boise housing market for June 2024, see below.
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For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.
