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by Jace Stolfo
on Tuesday, May 13th, 2008 at 8:24pm.
As to be expected in the spring, inventory has been increasing and averaged around 4931 homes for sale (April 2007 had 4656). This increase is from existing homes coming on the market. New construction inventory levels are actually down from a year ago year- 1286 April '08 compared to 1727 April '07. Overall absorption rates in April were 10.9 months, existing homes 10.4 months, and new construction homes 12.4 months. A balanced market is usually represented with absorption rates around 6 months.
Inventory levels are still too high for a balanced market. The excess inventory is part of the reason we have been seeing a softening in prices. The median home price in Ada County was $208,000 in April. April '07 median home price was $229,000, a 9.17% decrease.
Data Source: Intermountain MLS. The accuracy of this information, while deemed reliable, has not been verified and is not guaranteed. This information contained in this letter is for general market analysis. No representations or warranties are made as to the past or future appreciation or depreciation of property values.