For years, those who’ve analyzed the local housing market have shared that more inventory is needed to balance demand for housing and slow price growth. August marked 19 consecutive months of year-over-year increases in inventory in both Ada and Canyon counties, and as a result, home price growth has slowed.

In April, the median sales price for home sales was down year-over-year and month-over-month in both Ada and Canyon counties, and we explored the idea of a decline in prices possibly becoming a trend. The recent statistics from May’s housing market disproved that possibility, at least for the time being. 

The median sales price for home sales in April was down year-over-year and month-over-month in both Ada and Canyon counties. 

Could this shift in prices be the beginning of a trend of declining home prices for the Treasure Valley? While one month showing a drop isn’t considered a trend, there are a few factors that are worth exploring.