September Market Report 2021
We anticipate the Treasure Valley housing market to have a busy Fall season with many more homes going up for sale, helping to bring down the increased prices from lack of inventory. Home buyers will have time to slow down and think through their buying decisions, helping them buy the homes they want and stopping the fierce bidding wars that defined the housing market in the past year.
The housing market does still have more potential buyers than it has homes for sale, however, the economy does appear to be evening out. August 2021 marked the fifth consecutive month of inventory growth and gained 0.7% in retail sales, rather than the predicted 0.8% decline. The housing market’s high competition is slowing down.
Housing prices rose 5.3% in August 2021 compared to August 2020 and had a significantly lower value than the expected increase of inflation. As a result, the mortgage rates are kept low with a decrease of 1.9% during the first week of September. Mortgage applications also rose by 7%, making the highest jump since April 2021.
Ada County’s median home sales price during August 2021 was $530,000, a drastic drop of almost $10,000 from July 2021’s median sales price. Over 1,124 homes are up for sale in the county, the inventory up 6.5% from July 2021. There are around two months of inventory on the market right now and the preferred number is around five months.
Homes prices nationally hit an all-time high in August and prices have increased 8.6% year-over-year in that month alone. In July 2021, consumer credit increased 4.7% and job openings hit a record high of 10.9 million.
With the current market conditions and the slowly evening out economy, your home should sell within a few weeks and you’ll be able to carefully think through your next buy and get the house you’ve always dreamed of.