Demand:
In the most recent week, a total of 124 homes moved into the pending status. This comprised 48 new construction properties (down from 62) and 76 resale homes (up from 68).
Supply:
The supply of homes for sale continued to decline with 1,182 available. This inventory includes 383 completed new construction homes, 217 homes currently under construction, and 582 resale properties.
Inventory Rate:
The overall inventory rate for Ada County stands at 2.2 months, maintaining a stable level. Breaking it down further, the new construction segment has an inventory rate of 2.9 months, slightly up from the overall rate, while the resale market has an inventory rate of 1.8 months, slightly below the overall rate.
Interest Rates:
Interest rates extended their declining trend for 6 weeks in a row, with the 30-year fixed-rate mortgage now averaging below 7%. On Wednesday, the Federal Reserve maintained its key interest rate for the third consecutive time; additionally, the committee members penciled in three rate cuts in 2024.
For a historical perspective on buyer demand, available homes, inventory rates, and median home prices, please click here.
*Although the author attempts to provide reliable, useful information, they do not guarantee that the information or other content in this document is accurate, current or suitable for any particular purpose. All content is subject to change without notice. All content is provided on an “as is” basis, with no warranties of any kind whatsoever. Go to Disclaimers and Methodology.
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