For the first time since October 2014, the median sales price for homes in Ada County dropped year-over-year. In November, the median sales price of homes sold was $525,000 — 2.5% lower than in November 2021 and 6.5% less than in October 2022.
Home prices are driven by supply versus demand. Higher mortgage interest rates, combined with the swift home price appreciation in the last several years, have decreased purchase power for buyers and lessened demand. As a result, some buyers have made budget adjustments and others have pressed pause on their home search.
Consequently, fewer buyers equated to fewer home sales for the county. There were 548 home sales in November, 39.0% less than a year ago. Of those, 380 were existing/resale homes, down 44.9% from November 2021, and 168 were new construction homes, down 19.2% from last year.
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