June numbers are out for the local market in the greater Boise area. As Sgt. Joe Friday would say, “just the facts M’am”.(ask your parents!) The facts are that sales are down slightly, about 12% year over year in Ada County and 24% in Canyon County. Pending transactions are down about twice that. Not a great sign, but not doom and gloom. On the other-hand inventory of homes for sale is way up, nearly up 200% from a year ago. We have been at historic lows for inventory for nearly 2 years so more inventory is very good. And despite much news and speculation about home values, prices in the Treasure Valley values continue to rise, albeit at a slower pace than last year. Specifically, last month’s prices held steady from the month before a rare occasion in the last three years. Year over year, however, prices are up more than 16% in Ada and up 11% in Canyon.
So what does this mean? It means we are not in the last chapter of this story. The economy as a whole is so volatile that the local housing market can only be and is impacted by many other factors. This is not news or speculation. It seems that nearly every day something new is in short supply or skyrocketing in price. Something somewhere and somehow is always affecting home sales in the Treasure Valley. A very different perspective; 1285 homes were sold throughout Ada and Canyon County in June. There are Buyers looking for homes and there are Sellers wanting to sell.
So this is not the last chapter and there is a lot more story to tell. The show is not over. For now, we read on and hang on!