Idaho REALTORS® 2022 Market Summary
Happy New Year to all IR members! We hope you had a wonderful holiday season and are ready to tackle the new year. As we start 2023, we wanted to provide our members with a look back at the state of the housing market in Idaho and across the nation last year. We hope that these resources will be helpful as you begin the new year and continue to grow your real estate business.
In November 2022, the housing market in Idaho saw home prices decrease by 0.45% year-over-year, with a median price of $464,500. The number of homes sold also decreased by 40.5%, with 1,529 homes sold in November 2022. The median days on the market increased by 27 days to 52. The number of homes for sale in Idaho increased by 7.8% year-over-year to 6,852 homes, while the number of newly listed homes decreased by 38.2% to 1,185 homes. The months of supply increased by 2 to 4 months. 10.5% of homes in Idaho sold below list price in November 2022, a decrease of 11.9 points year-over-year. The sale-to-list price was 97.1%, down 1.7 points year-over-year.
Learn More from Redfin: https://www.redfin.com/state/Idaho/housing-market
Nationwide, existing home sales in the US fell by 7.7% in November 2022 to reach a seasonally adjusted annual rate of 4.09 million, according to data from the National Association of Realtors (NAR). This marks a 35.4% decline in sales from November 2021 and marks ten consecutive months of sales declines. The national median price for all housing types reached $370,700, an increase of 3.5% from the previous year. Prices have increased for the past 129 months, with all four regions seeing year-over-year price growth in November. The inventory of unsold homes fell by 6.6% from the previous month, standing at 1.14 million homes for sale, and 2.7% higher than in November 2021. It will take approximately 3.3 months to sell the current inventory at the current sales pace, which is well below the desired pace of 6 months. Single-family home sales decreased by 7.6% and condominium sales fell by 8.3% compared to the previous month, with both types of sales down by 35.2% and 37.1% respectively compared to November 2021.
Learn More from NAR: https://www.nar.realtor/blogs/economists-outlook/november-2022-existing-home-sales-fall-to-the-lowest-level-since-november-2011
We want to wish you all a happy and prosperous 2023. Thank you for being a part of our association, and we look forward to continuing to support you in the future.