02/09/2023
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For the third consecutive month, the median sales price for homes in Ada County decreased year-over-year. In January, the median sales price of homes was $487,495 — down 9.7%, or $52,500, compared to January 2022. The last time that the overall median sales price was under $500,000 was in July 2021.
Both the existing/resale segment and new construction segment saw year-over-year declines in median sales price, with the biggest drop in new construction. The median sales price for new homes that closed in January was $494,990, a decrease of 16.0%, or $93,955, compared to the same month a year ago. The median sales price for new homes hasn’t been under $500,000 since April 2021.
Sales were also 32.8% lower for the county compared to last year, with a total of 454 closed sales in January 2023. Of those, 269 were existing/resale homes, down 41.5% from January 2022, and 185 were new construction homes, down 14.4% from last year.
Demand for housing waned as higher mortgage interest rates and swift home price appreciation put pressure on affordability. Since the housing market continues to be driven by supply versus demand, sellers are having to adjust prices and negotiate with buyers to close the deal. The average Percent of Original List Price (% OLP) Received for existing home sales last month was 91.9%, which means on average, buyers paid 8.1% less than asking, compared to last year, when the % OLP for existing homes was 97.3%. On average, existing homes that closed last month sold for approximately $60,000 less than the original list price.