SEP 2020 Market Report

 

 

The competitive housing market continues to be driven by limited inventory and low mortgage rates.
  • The overall median sales price, including existing and new home sales, reached a new record high of $409,945 last month, an increase of 17.2% year-over-year.
  • According to Freddie Mac, the average 30-year fixed rate mortgage was at 2.9% in September, down 19.7% year-over-year when compared to the September 2019 mortgage rate of 3.61%.
  • In September, Months Supply of Inventory was at just 0.4 months, meaning, if no additional homes were listed for sale, Ada County would run out of homes to buy in under two weeks. A balanced market is between 4-6 months of supply.
  • Homes are also going under contract faster — another indicator of a competitive market. In September, existing homes spent an average of only 17 days on the market, compared to 26 days in September 2019.

Have questions? Contact ESCO Real Estate by phone at 208.724.4649 or email.

Data from Boise Regional REALTORS® (BRR) and the Intermountain MLS (IMLS) as of 10/12/2020. These statistics are based upon information secured by the agent from the owner or their representative. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. The IMLS and BRR provide these statistics for purposes of general market analysis but make no representations as to past or future performance.