Ada County inventory at the end of April increased 17% compared to inventory at the end of last April, giving buyers a little more choice and helping April's sales, which increased by 4% compared to last April's sales.
Although pending contracts were down 6% over the number of pending contracts at the end of last April, the increase in inventory should help sales in the next few months.
It's interesting to note that slightly over 50% of inventory units are newly constructed homes, which is significant since it's hard to produce more resale listings until there are more choices for resale sellers to buy. It's a great time to be a builder and builders are helping us by creating 22% more inventory of new homes than we had last year at this time.
The chart below shows the trend in new home sales compared to resale home sales over the last 3 years: