Ada County home sales softened over the final five months of the year. The chart below shows month-by-month comparisons of sales between 2017 and 2018.
As you can see from the chart above, we started out strong for the first half of the year then hit a wall - or a fence - for the second half. The slowdown was caused by the decrease in affordability for Ada County current residents combined with a slowdown in our feeder markets along with the decreased values in the stock market. If people can't sell their stocks at a profit or if homeowners in California can't sell their homes, they're both less likely to buy in Boise.
The average and median prices both increased 17% over the past year, an unsustainable pace of increase in a market like ours. With higher prices and higher interest rates, our inventory has increased 11% over the last year.
The chart below shows the relationship between prices and inventory from 2002 through 2018.