Though the median cost of existing homes rose nationwide in August, Idaho’s median prices fell. Yet, local home prices are still higher than the national average.
Home prices in Idaho were down 2.2% in August from the same time last year, the number of homes sold fell 7.7% and existing inventory fell 29.3%, according to real estate company Redfin.com.
However, the median price of home in Idaho is $462,800, whereas the median price for a home nationwide is $407,100, up 3.9% from a year ago, according to the National Association of Realtors (NAR).
In August, 2,466 homes were sold throughout the state, down from the 2,667 sold at the same time last year. The number of homes for sale is around 9,000, down 29.3% from last year, and the number of newly listed homes sits at 2,752, down 17.3% from last year. Inventory spent roughly 32 days on the market before selling.
Hayden, Idaho, grew the fastest in terms of sales price, up 29.3% from last year. Lewiston followed at an increase of 7.9% and Coeur d’Alene was third at a 0.5% increase. Caldwell prices dropped 1.9%, Boise’s dropped 2.7% and Twin Falls had the greatest decrease at 6.7%.
Nationwide, existing-home prices dropped 0.7% to 4.04 million and sales dropped 15.3% from last year in August, down 4.77 million.
According to the NAR, sales improved in the Midwest, dipped in the South and West and remained unchanged in the Northeast.
“Home sales have been stable for several month, neither rising nor falling in any meaningful way,” said Lawrence Yun, chief economist at NAR, in a statement. “Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run. The South had a lighter decline in sales from a year ago due to greater regional job growth since coming out of the pandemic lockdown.”
The nationwide median home price in August of 2022 was $391,700, which now sits at $407,100.
“Home prices continue to march higher despite lower home sales,” Yun continued. “Supply needs to essentially double to moderate home price gains.”