August saw the continuation of the Ada County market slide that began in July. Closings in August were 29% lower than closings last August. Pending contracts, which are the best indicators of the near-term future, were also down 19% compared to the level of pendings at the end of last August.
As a result of the decrease in sales, inventory has increased by a factor of 322% since the end of last April and by 171% over the last 2 months, increasing from 21 days of inventory to 39, still quite low compared to a “balanced” level of approximately 180 days.
In the week preceding this report, almost 90% of the price changes in the market were decreases. The chart below shows the number of sales and the average prices for each month’s sales for the last 12 months.