Ada County closings were 6% higher this April than they were in April 2017 despite working with inventory that was 11% lower than a year ago. Pending contracts at the end of April were 12% higher than they were at the end of last April, creating a healthy picture for the future.
The average price of $315,000 is 12.6% higher than it was at this time last year.
New home sales for the trailing 12 months were 13% higher than they were in the previous 12, despite inventory being 22% lower than it was a year ago. That is a strong argument for building more new housing communities.
Resale closings over the past 12 months were 4% higher than last year.
The average price of newly constructed homes in the last 12 months was $371,974, 28% higher than the average price of a resale home.
Properties priced under $1 million have a market time under 6 months, which is generally regarded as a balance market. The chart below shows closings, inventory and average market time by price range.