Median home prices in July softened by $5,000 when compared to June 2023 and down 8.5% when compared to the same time last year. With higher interest rates we are seeing less sellers wanting to give up their low interest rates which is causing the inventory to be down almost 40% compared to this time last year. With less inventory we also see less home sales when compared to July 2022. New construction market was hit the hardest in July with a median sale price of $545,000 down 18.8% from July of 2022. This does give buyers opportunities in the new home construction market as some builders are offering allowances for interest rate buy downs which in turns provides buyers with lower monthly payments making it easier to obtain home ownership.

Canyon county saw almost no change in the median sale price when compared to June of 2023. There was a 8.3% drop in the median sale price when you compare July 2023 to July 2022. New construction sales are up 3.9% in Canyon county when compared to the same time last year. This is due to limited inventory and builder incentives driving home buyers to look at new construction when deciding on their home purchase. Inventory is still down by 43% in the area when compared to July 2022. So this market is very competitive due to low supply.

What I am seeing across the board in both existing and new home construction are agents and builders getting creative and looking for solutions to combat the rising interest rates. Looking at an interest rate buy down is one of the ways you can offset the higher interest rates making your home purchase more affordable. Waiting does not necessarily equal a better deal. So if your in the market and want to talk about your options give me a call!