MAY 2023

The median sales price in May 2023 ebbed 10.9% compared to May 2022, landing at $534,900 — a $17,400 boost from last month. A breakdown of homes sold in various price ranges highlighted an increased interest in homes between $250,000 and $500,000, leading to a lower median sales price for the month. Mortgage rate hikes over the past year also may have contributed to lower sales prices.

Existing homes faced the largest adjustment in median sales prices this month, bogging by $75,000. The 12.8% fade to the resale sector is slightly steeper than we’ve seen in past months, historically dipping from 2-14% year-over-year since September 2022. New construction welcomed a smaller reduction at 5.1% compared to the 10-20% we had seen year-over-year since January 2023.

There were 1,259 single-family homes available in Ada County in May, a reduction of 17.2% compared to the same month last year. This is the first year-over-year decrease in inventory we’ve seen since June 2021. Resale home options decreased by 22.2% while new construction choices slid by 9.9% compared to May 2022.