Last month, the resale home sector of the Boise housing market is where we saw the most positive movement. This month, however, it’s new construction that’s leading the charge. Though still 11.1% below last year's prices, the median sales price for new construction jumped by 6.3% from last month. Also, inventory of new homes also expanded by 6.2% this month, pending new construction sales rose 3.8%, and the number of new homes sold increased by 9.8%.
Since we anticipate a rush on home buying if interest rates drop, it’s encouraging to see more new construction being built. Continued increases in inventory for both new and existing homes will be important in helping to prevent a potential repeat of the last three years when the shortage of available homes led to aggressive buyer competition, hasty decisions, and rapid price increases. An increase in inventory will be an important step in helping to stabilize our market and improve affordability.
If you are considering what your options might be for buying or selling in the next year and how future interest rates, inventory, and prices might affect your decisions, we’d love to meet to hear your wants and needs, share what we know, and hopefully help you assess when the timing might be best for you.
For a quick snapshot of the Boise housing market for October 2023, see below:
For more market statistics, including those for Canyon, Elmore, & Gem Counties, check out Boise Regional REALTORS® Market Report HERE.